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An audit is an evaluation of an organization, system, process, project or product. It is

performed by a competent, independent, objective, and unbiased person or persons,
known as auditors. The purpose is to verify that the subject of the audit was completed
or operates according to approved and accepted standards, statutes, regulations, or
practices. It also evaluates controls to determine if conformance will continue, and
recommends necessary changes in policies, procedures or controls. Auditing is a part of
some quality control certifications such as ISO 9000.

Audits evaluate conformance now and into the future. An inspection evaluates
conformance in the past. Both are important parts of management.

Financial Audit

An important type of audit is the financial audit. It is designed to determine whether

financial statements are fairly presented in accordance with Generally Accepted
Accounting Principles (GAAP). Financial audits are carried out for companies, registered
charities and some government/public bodies.

Government financial reports are not always audited by outside auditors. Some
governments have elected or appointed auditors.

Statutory Auditing:
Every company registered in India has to get his accounts audited from a chartered
accountant every year.

Tax Auditing:

Every assessee, whose turnover of a business exceeds Rs.40 Lakhs or total receipts from
any profession exceeds Rs.10 Lakhs in any previous year, is required to get his accounts
audited and report as per section 44AB of the income tax act. Internal Auditing /

Concurrent auditing:

For in depth checking of day-to-day transactions, large business organizations require

internal audit.

Physical verification of Fixed Assets/Inventory/Stock in trade:

Normally every company physically verifies his fixed assets and stock in trade once in a
year through an independent agency.