An audit is the process of examining financial or operational records systematically to ensure their accuracy and completeness. The goal is to validate information against established standards and identify any discrepancies.

For instance, in accounting, auditors might assess financial statement assertions to verify accuracy. Internal audits promote compliance and operational improvements. For example, a company's internal finance team might conduct an audit to ensure month end account balance reconciliations are accurate and properly documented.

Audits offer an additional safeguard and assurance to stakeholders that financial data is reliable. Meticulous audits reinforce transparency and trust in financial reporting, contributing to informed decision-making.