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What is the difference between audit and compliance?

Audit is an independent examination of business financial statements so as to issue opinion on whether the financial statement are prepared in accordance with acceptable financial reporting framework and show true performance and position of the business. Audit is conducted according to the requirements of countries laws and regulations and international standard on auditing. The auditor when conducting audit aim … Read the rest

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What does it mean to audit something? What are the things that can be audited?

To audit loosely means to independently compare something with suitable criteria and give assurance that the compared thing comply or is in line with the criteria.

So to audit means to give assurance to someone about the condition of an item or information owned or prepared by someone else. In the audit, there are always three parties namely someone who … Read the rest