A periodic, independent examination and verification of the assets and liabilities and financial transactions and controls of a company to determine the reliability of its accounting records. The objective is to enable the auditor to express an opinion on the financial information provided. Auditing is a branch of the accountancy profession, carried out by professionals qualified to form an independent opinion about the accuracy of a company's accounts. The audit aims to ensure that the company's financial statements provide relevant and reliable information, although it cannot be assumed that an auditor's opinion is an assurance about the future viability of the company or about the efficiency of management in running it.
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