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An audit is an "independent examination of financial information of any entity, whether profit-oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon" It also seeks to ensure that the books of accounts as provided by law are properly maintained by the concern.
In the corporate and public sector, auditing has become such an omnipresent phenomenon that scholars have begun to define an "Audit Society" Before reviewing the proposals, auditors interpret and recognize them, collect facts, assess them and formulate an opinion on the basis of their judgment, which is conveyed through their audit report. It is possible to audit any subject matter. Since ancient times, audits have been a security measure. Audits provide different stakeholders with third-party verification that the subject matter is free of content misrepresentation. For audits of financial records related to a legal entity, the word is most commonly used. Secretarial and governance, internal controls, quality management, project management, water management, and energy conservation are other widely audited fields. As a result of an audit, stakeholders can better determine and strengthen the efficacy of the mechanism of risk management, control, and governance over the subject matter. Audits can be of several types such as IT audit process, accounting audit, performance audit, quality audit, marketing audit, etc.
A memo, or memorandum, is a written message that may be used in a business office. It is typically used by organizations for internal communication. Audit memos provide a summary of the audit and the related recommendations to an organization. Compose crisp, precise audit memos for your organization with our Audit Memo Templates.