What is an accounting audit?

An accounting audit is an examination of the organization’s financial information which is conducted by an independent auditor with the aim to ensure that the information is represented fairly and accurately and in accordance with accounting standards.

Who performs a financial audit?

Audits can be performed by internal parties and a government entity, such as the Internal Revenue Service (IRS). Audit is an important term used in accounting that describes the examination and verification of a company’s financial records. It is to ensure that financial information is represented fairly and accurately.

What is auditing & how does it work?

Start Free Start Free What is Auditing? Auditing typically refers to financial statement audits or an objective examination and evaluation of a company’s financial statements – usually performed by an external third party. Audits can be performed by internal parties and a government entity, such as the Internal Revenue Service (IRS).