What is an audit?

(b)Explain the importance of audit to a limited liability company.

(c) In addition to shareholders, many different parties are interested in the audited accounts of a company. Name FOUR such parties and state the significance of audited accounts to each one of them.

(d) Describe the following types of Audits:

Statutory Audits;

Internal Audits;

Private Audits;

Management Audits;

(e) What are the similarities and differences between internal and external audits?

f) Distinguish between internal audit and internal check