What is a business audit?

A business audit is a documented evaluation of whether or not a company’s financial statements are materially correct along with the standards, evidence, and assumptions used to conduct the audit. The results are reported in a written audit opinion, and the language in the opinion defines an audit. An auditor reports on several topics:

What is auditing in accounting?

Auditing in accounting refers to the systematic examination and verification of a company's financial records and statements by an independent party. The primary goal is to ensure that these records are accurate, complete, and in compliance with relevant accounting standards and regulations.

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).