A systematic examination and verification of financial records, transactions, and statements to ensure accuracy, compliance, and reliability.
An audit is a systematic and independent examination of a company's financial records, transactions, and operations to ensure accuracy, transparency, and compliance with relevant laws and regulations. Small business owners may engage external auditors or conduct internal audits to evaluate the integrity of their financial information, assess internal controls, and identify areas for improvement. By undergoing an audit, small business owners can gain valuable insights into their financial health, identify potential risks or errors, enhance credibility with stakeholders, and demonstrate transparency and accountability.