The most important function of an accountant is auditing. An audit is a systematic and independent examination and analysis of financial information, management accounts, management reports, accounting records, operational reports, income, revenue, and expenditure reports, and so on. The outcome of the review and inquiry is communicated to shareholders and other internal stakeholders. Audit reports for publicly traded or listed companies must be made available to the general public. While audit reports for private companies are not required to be made public, they may be submitted to other stakeholders such as the government, banks, and creditors. The audit is classified into many different types and levels based on the goals, scopes, purposes, and auditing processes. An audit report is typically in accordance with International Auditing Standards (ISA) and other local auditing norms. There are various types of audits, such as economic audits, operational audits, statutory audits, compliance audits, and so on.
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