what is audit

Traditionally,auditing means verification of transactions with books of account.But,scope of audit has been increased from financial to non-financial to fraud,invesigation and forensic audit.

Depending about types of audit,audit has different meanings.

Above tax audit has been defined by raja sir.Other common types of audit are as follow:-

Statutory audit-------to give true and fair view of state of affairs of entity and cash flow

Internal audit---------to give true and fair view of operating effectiveness of entity