What is an audit?
AnswerAn independent examination of records or accounts
Audits check whether records are accurate and complete.
Business · Facts & stats
Audit facts & stats
7 fact-checked facts about audits, accounting checks and record-keeping, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
What is a home energy audit?
AnswerAn assessment of how a home uses and wastes energy
It finds drafts, insulation gaps and wasteful devices.
Going deeper
What is an internal audit?
AnswerAn audit done by an organization's own staff
Internal auditors review the organization's controls and processes.
What is an audit trail?
AnswerA step-by-step record of transactions or changes
Audit trails show who did what and when.
In accounting, what does the 'Big Four' refer to?
AnswerThe four largest accounting firms
Deloitte, PwC, EY and KPMG are the Big Four.
Expert level
Which 2002 US law tightened audit and financial reporting rules after corporate scandals?
AnswerSarbanes-Oxley Act
Sarbanes-Oxley followed the Enron and WorldCom scandals.
In US accounting, what does GAAP stand for?
AnswerGenerally Accepted Accounting Principles
GAAP is the standard framework for US financial reporting.
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