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WHAT IS AUDIT? Audit is the activity of evolution and determine the financial, operational and strategic goals and exercise in an organizations to decide if the organization is in accordance with the rules and regulations. To see if an organization is in accordance with all the rules and regulati
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FAQ :
The primary goal of an audit is to determine if an organisation is operating in accordance with all applicable rules and regulations, ensuring transparency and compliance.
The article discusses financial audit, operational audit, strategic audit, Information Technology (IT) audit, internal audit, external audit, and statutory audit.
An internal audit can be performed by anyone within the organisation, including employees, though this may sometimes lack the thoroughness of an external audit.
External audits can be compulsory for some organisations due to rules and regulations or shareholder requirements. Their reports are often presented at annual general meetings and board meetings.
A financial audit examines the organisation's books of accounts to ensure they accurately reflect the company's financial position and that no facts are being hidden from investors.
An IT audit assesses an organisation's IT infrastructure to identify potential IT risks and ensure the systems are up-to-date and capable of meeting business objectives.
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