Audit

Also known as a financial audit or audit of financial statements. An unbiased review and verification of the financial statements ( www.practicallaw.com/4-382-3465) of an organization. The audit is typically performed by accountants, and it can be done internally (by employees of the organization) or externally (by an outside firm of auditors).

The goal of the audit is to receive an opinion (also known as an audit opinion or audit report) that the financial statements present fairly in all material respects the financial position of the organization in accordance with GAAP ( www.practicallaw.com/3-382-3512) .

The audit and the audit opinion serve of the purpose of enhancing confidence in the organization and its financial reporting.

For more information, see Practice Note, Auditing: An Overview ( www.practicallaw.com/7-522-0395) .

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