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An audit is a set of tests and procedures carried out according to generally accepted auditing standards. Those standards require that the auditors plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.The goal of the audit is to provide an opinion on the financial statements. That opinion is in the form of a letter and almost always in an unqualified opinion. Its is important to note the goal of the audit is not to detect fraud but to ensure that the financial statements are free of material misstatement.
