UK Accounting Glossary
An audit is the independent examination of, and expression of opinion on, financial statements of an entity.
An audit is the examination of records and reports of a company, in order to check that what is provided is relevant, and reflects reality. That is to say, to ensure that all assets and liabilities are properly recorded in the balance sheet, and, all profits and losses are properly assessed.
An audit assessment is typically implemented through two methods, by assessing internal control procedures and by checking the consistency of items in the books.