Audit: An audit is a professional, independent examination of a company's financial statements and accounting documents following generally accepted accounting principles (GAAP). An IRS audit, in contrast, is an examination of a taxpayer's return, usually to question the accuracy or acceptability of the information the return reports.

 

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Audit: An audit is a professional, independent examination of a company's financial statements and accounting documents following generally accepted accounting principles (GAAP). An IRS audit, in c . . . View Full Definition

Auditors Report: A section of an annual report that includes the auditor's opinion about the veracity of the financial statements.

Audit Committee: The corporate audit committee is the liaison between the company’s management, the board of directors, internal and external auditors, and any other accounting experts advising the company o . . . View Full Definition

External Auditors: Independent CPAs who are retained by organizations to perform audits of financial statements.