What is an Audit? Why Are They Important?
Most of us have heard the word super fund audit but we rarely know what it actually means. If you are also trying to understand what an audit is then you are at the right place. An audit is basically an accounting technique in which the financial records of an organization, company or an individual are inspected accurately to ensure that they are precise and accurate. Most of the the taxpayers fear an Internal Revenue Service smsf online audit , whereas the dishonest organizations fear the independent audits as it may reveal the misuse or embezzlement of their funds. An audit helps in keeping the company honest and also reassures the investors and the employer about the financial condition of the organization in which they are working. There are basically two types of audits. They are: * Internal audits * Independent audits The audits are usually performed without any partiality. The internal audits of the company are generally conducted by the accounting department of...