Can anyone explain audit meaning?

[niyati]

I’m new to accounting terms and keep coming across the word audit. I get that it involves checking financial records, but can someone explain in simple terms what an audit really is?

 

[tonny]

Audit is a verification of financial records, statements and operations usually in order to confirm their honesty and that they are within the law or standard. It assists in confirmation that the financial information of a company is veritable and fair. Audits may be internal or external, and are necessary to be able to build trust with investors and regulating bodies.

 

[jasminsain]

An audit verifies financial records, statements, and activities, usually to ensure that they are truthful and compliant with regulations. It helps verify that a company's financial data is accurate and impartial. Building trust with investors and regulatory agencies requires audits, which can be internal or external.

 

[charlie]

An audit verifies financial accounts, records, and activities, usually to ensure that they are truthful and compliant with regulations. It helps verify that a company's financial data is accurate and reasonable. To gain the trust of investors and regulatory agencies, audits—which can be internal or external—are essential.

 

[amara]

An audit is a check of financial records, statements, and activities to ensure their honesty and compliance with applicable laws or standards. It helps to validate that a company's financial information is accurate and fair. Audits can be internal or external, and they are required to establish confidence with investors and regulatory agencies.