Legal definition of audit
Corporate Finance & Taxation Legal Terminology
for business purposes, a financial examination of a company, government agency, nonprofit organization, or enterprise.
It is performed by financial professionals (accountants, auditors) that review financial systems and financial records of a company or a business to give an opinion whether the company’s financial statements fairly represent the organization's position and performance to the firm's shareholders.
Audit may be internal and external.
An internal audit is usually performed by an employee of the company; and one done by an independent (outside) accountant is an independent , or external audit.
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