[Anonymous]

I am new to this field, so I am now studying general definition of the stuff related to accounting.

However, the definition of an audit is quite confusing.

I heard there are a variety of audits such as IT audit, internal audiot, and the like.

Would you please tell me what an audit specifically does?

[NoobAccountant]

In general, an auditor examines the books of a client with regards to applicable laws and regulations. They test balances, trace numbers, and count things to make sure they are fairly reported on the books. The design is to make sure that the entity is reasonably representing themselves to the public (for public entities) and likely in good fiscal condition for private entities (assuming they need an audit for creditors, or non-public investors)

REG- July 10
BEC - End July
AUD - End Aug
FAR - End October

[ymmit]

The purpose of an audit is to reasonably assure that the financial statements of the entity being audited are free from material misstatements 🙂

Licensed CPA!

[Author]

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