Audit Of The Business

Audit is a systematic method of checking the financial statements and books of accounts in order to ensure that they are free from any material misstatements and no frauds have taken place and if they have taken place they are detected at early stage so that investors are not misled and can take informed decision.

Advantages of Audit For The Business

  • Early prevention and detection of frauds and errors​
  • It enables to keep a morale check over the employees
  • It enables to obtain loan from the banks and financial institutions​
  • It ensures that organization has complied with all the laws and regulations.​
  • It builds credibility of the organization in the industry and trustworthiness is also developed over the period of time.​

Objectives of the Audit​

  • Primary objective of the audit is to express an opinion on the financial statements whether they are free from material misstatements or not. ​
  • Secondary objective of audit is to prevent and detect and prevent fraud and errors.


Auditor is liable to report on the financial statements and express an opinion depending on the materiality of the event or the transaction .