An audit is an independent, objective inspection of the accounts, statutes or performance of an organisation, designed to add value and improve its operations, governance processes, and the effectiveness of its risk management.

A regulatory audit will obtain independent verification of financial and other information reported to regulators. A performance audit is concerned with relevance, economy, efficiency and effectiveness. Internal auditing provides an assessment of internal controls undertaken by a unit which reports to management, while external auditing is conducted by an independent outside organisation.

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