Audit is the examination of the financial report of an organisation, as presented in the annual report, by someone independent of that organisation. The objective of the same is to form an independent opinion on the financial statements of the audited entity. The opinion includes whether the financial statements show a true and fair view and have been properly prepared in accordance with accounting standards. Internal types are performed by the employees of a company or organisation and are not distributed outside the company. Performed by external organisations and third parties, external types provide an unbiased opinion that internal auditors might not be able to give. The key difference between an external auditor and an internal auditor is that an external auditor is independent. Government types are performed to ensure that financial statements have been prepared accurately to not misrepresent the amount of taxable income of a company.

Sahreen Younis Ahanger

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