The term 'audit' refers to the process of an independent examination and analysis of any kind of financial information of any individual or organisation and firm, irrespective of their motive; be it profit oriented or organisations such as NGOs. Upon analysis, the process provides with a certain view or opinion with respect to the examination conducted. Once an assignment has been provided to an auditor, who is the person qualified to carry out the processes, they collect evidence and the required materials for appropriate examination. Hence, the process of auditing is what is referred to as 'audit'. This process easily helps the receiver of the information with safeguarding themselves from financial troubles and helps maintain financial discipline within. Read more to learn more!

Vidya V

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