Summary of What is Audit?

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Audits are a process of evaluation used to check the accuracy of a company's financial reports. This is a critical function that helps to ensure that stakeholders are being treated fairly and that the company is meeting its obligations.

• 00:00:00 An audit is a process of evaluating a company's financial position. Auditors work with companies on a regular basis, and their job can change from day-to-day depending on the company's business. Audits can take a few months or a full year, and they are often used to ensure that a company's financial statements are accurate.
• 00:05:00 An audit is a type of inspection that financial institutions, such as banks, use to make sure that their financial reports are accurate. Auditors also check to see that the company's obligations, such as debt payments, are being honored. This is a significant business function, as it ensures that the company's stakeholders are being treated fairly and that its reporting is accurate.