What is an audit?

(b)Explain the importance of audit to a limited liability company.

(c) In addition to shareholders, many different parties are interested in the audited accounts of a company. Name FOUR such parties and state the significance of audited accounts to each one of them.

(d) Describe the following types of Audits:

Statutory Audits;

Internal Audits;

Private Audits;

Management Audits;

(e) What are the similarities and differences between internal and external audits?

f) Distinguish between internal audit and internal check

Answer rating: 100% (QA)

a An audit is an independent examination of an organizations financial statements records and operations to verify their accuracy and compliance with established standards laws and regulations The pri... View the full answer