Audits: Understanding the Difference

 

There are many different types of business audits including financial, internal and performance audits. All audits provide important and deeper insight into an organization. The purpose of a financial audit is to provide assurance that financial statements are presented accurately and in conformity with generally accepted accounting principles (GAAP) allowing business owners to make confident business decisions. An internal audit helps businesses mitigate risk within an organization to help improve processes and controls. Meanwhile, a performance audit can identify opportunities to improve overall efficiency and effectiveness of operations, management and administration.

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