An audit is a thorough and independent checkup of a company’s financial records, systems, and practices, typically performed by trained auditors. It verifies that the financial statements are accurate, the internal controls are effective, and the company adheres to accounting standards like GAAP or IFRS.
Audits can be done internally by the company’s own team or externally by independent auditors, who bring a fresh, unbiased view.
Audits give investors, lenders, and regulators confidence that the financial information they see is reliable and accurate. Beyond just numbers, audits help spot and prevent fraud, detect unauthorized transactions, and correct financial misstatements. This protects the company from potential financial and reputational risks.
Audits often assess more than just finances—they evaluate operational efficiency, confirm compliance with regulations, and ensure adherence to internal policies.
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