Company Audit

Definition of an audit is an evaluation of a person, organization, system, process, project or product.

ImageAudits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control.

The goal of an audit is to express an opinion on the person/organization/system etc. under evaluation based on work done on a test basis.

Due to practical constraints an audit seeks to provide only reasonable assurance that the statements are free from material error.

Hence, statistical sampling is often adopted in audits.

In the case of financial audits a set of financial statements are said to be true and fair when they are free of material misstatements - a concept influenced by both quantitative and qualitative factors.

Additional information