Audit

An audit is an independent examination of financial records, statements, or other operational data of an individual or organization, typically conducted by an objective, competent body. The primary purpose of an audit is to provide assurance that the information presented is accurate, complete, and complies with established standards, regulations, and legal requirements. For businesses, this often means verifying that financial statements adhere to Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) and present a true and fair view of the entity's financial position and performance.