What is an audit?
Q: What is an audit?
A: An audit is an evaluation or examination of something by a person or group of people.
Q: What kind of things can be audited?
A: Audits can be made to a person, to a company, to buildings, to systems, to documents and many other things that are used by people.
Q: Why are audits made?
A: Audits are made to check something, like a person is paying their taxes correctly or that a document is correct.
Q: What is the most common type of audit?
A: The most common type of audit are the audits performed on companies and their financial statements, a type of document.
Q: Why do companies report their financial statements to many people?
A: Companies report their operations, their money, and their income in financial statements to many people for many reasons like getting a loan, paying taxes, getting investments, and improving their public image.
Q: Who do companies inform and report their financial statements to?
A: Companies inform people like banks, governments, investors, and the public.
Q: What are the reasons for companies to report their financial statements?
A: The reasons for companies to report their financial statements are getting a loan, paying taxes, getting investments, and improving their public image.
