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.

What is a financial audit & why is it important?

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. Also, audits are performed to ensure that financial statements are prepared in accordance with the relevant accounting standards.

Why are accounting audits important?

Accounting audits play an important role in achieving transparency in business operations and increasing investors’ confidence in the business’ growth. Here are 10 major goals of an accounting audit: Every organization goes through two kinds of accounting audits – internal audits and external audits.