Qualifications and Disqualifications of Auditors
Audit in layman language refers to the inspection of an organisation's accounts, usually by an Independent body. It is carried out with an aim to draw a true and fair view of the financial records of any organisation. Talking about the same in Legal Terms, Audit refers to the systematic examination of financial or accounting records by a specialised inspector, called an auditor, to verify their accuracy and truthfulness. A formal hearing during which financial data are investigated for purposes of authentication.