Financial Glossary: Audit


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Audit

Audit

The examination of the accounting and financial documents of a firm by an objective professional.

The audit is done to determine the records' accuracy, consistency, and conformity to legal and accounting principles.

Traditionally audits were mainly associated with gaining information about financial systems and the financial records of a company or a business. However recently auditing has begun to include other information about the system, such as information about environmental performance. As a result there are NOW professions that conduct environmental audits.

In financial accounting, an audit is an independent assessment of the fairness by which a company's financial statements are presented by its management. It is performed by competent, independent and objective person or persons, known as auditors or accountants, who then issue an auditor's report on the results of the audit.

Such systems must adhere to generally accepted standards set by governing bodies that regulate businesses. It simply provides assurance for third parties or external users that such statements present 'fairly' a company's financial condition and results of operations.

Posted by IBC Conferences

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