Audit

An audit is an independent examination of financial information to express an opinion.

An audit aims to provide reasonable assurance that financial statements are free from material misstatement and are prepared in accordance with the applicable framework.

- Used in audit planning to understand risks and design procedures.
- Used during testing (controls/substantive) and documentation of audit evidence and conclusions.

- Example: The auditor references **Audit** when designing procedures and documenting conclusions in the audit file.

- Why it matters: Supports high-quality, defensible audit conclusions and helps detect material misstatements and control weaknesses.