Can you explain audit or financial auditing?

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Audit, or financial auditing, is a systematic examination and verification of an organization’s financial records, transactions, and statements by an independent and qualified entity, often a CPA firm. The primary objective of an audit is to assess the accuracy, completeness, and fairness of the financial information presented in the company’s financial reports, ensuring compliance with accounting principles and regulatory requirements. Auditors scrutinize financial data, internal controls, and processes to identify errors, fraud, or misstatements, providing stakeholders with a level of confidence in the reliability of the financial information and the overall integrity of the organization’s financial operations.

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