An audit is an independent, objective inspection of an organisation's accounts and statutes or performance, designed to add value and improve an organization’s operations, effectiveness of risk management, control and governance processes.

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 reporting to management while external auditing is conducted by an independent organization.

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