Audit Definition: An audit typically refers to a financial review or audit performed objectively to determine the controls and integrity of a business or organization. This process involves reviewing financial statements, records, transactions, and significant business, staffing, or organizational changes by an independent CPA or Certified Public Accountant.
There are generally three types of audits: IRS or Internal Revenue Service audits, external audits, and internal audits. If an audit is considered “clean,” there are no misstatements or concerns about an organization’s controls and processes. A CPA usually performs external audits. In contrast, internal audits may be done by a financial or accounting professional within a company to determine inconsistencies or financial issues, which are later addressed by management.
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