An audit is an “independent” examination or inspection of various books of account of financial information of any entity, whether profit-oriented or not, that are adequately maintained by the concern as required by law.
Anastasiou Legal Internal auditors perceive and recognize the propositions before their examination, obtain evidence, evaluate the same and formulate an opinion based on their judgment, communicating through their auditing report.
Other commonly audited areas include secretarial and compliance, internal controls, quality management, project management, and real estate evaluation. The idea is to check and verify the accounts by an independent authority to ensure that all arrangements are done legally and no misrepresentation or fraud is being conducted.
As a result of an audit, stakeholders may effectively evaluate and improve risk management, control, and the governance process over the subject matter.