What is an Audit?

Описание: An audit is a type of assurance service that lends credibility to a company's financial statements. If you are thinking of investing in or lending money to a business, you will want to see the company's financial statements. However, it is possible that the numbers in the financial statements are inaccurate, due to mistakes or fraud. For this reason, companies will hire an independent third party to conduct an audit of the financial statements.

In the U.S., for example, a certified public accountant (CPA) would perform a series of tests to verify that assertions made in the financial statements. The CPA would then provide an opinion as to whether the financial statements are free from material misstatement and conform to generally accepted accounting principles. The audit does not guarantee that the financial statements are legitimate, but does provide reasonable assurance that improves the credibility of the financial statements.—
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