Audit is an official inspection of an individual’s or organization’s accounts, typically by an independent body. Auditing refers to a systematic and independent examination of books, accounts, documents and vouchers of an organization to ascertain how far the financial statements present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. According to the RA Law “On Auditing”, auditing is the audit of financial statements and/or other information included in the documents containing financial statements and provision of audit-related services such as audit review, agreed-upon procedures, compilation – collection of information.