Audit

is a systematic and independent examination by an auditor, whether external or internal, or a regulator of the books, accounts, and documents of an organization to ascertain how far the financial statements, records and non-financial disclosures present a true and fair view of the concern and its transactions. Audits are commonly carried out on VAT invoices on a post-transaction basis to ascertain the correctness of treatment and of the resultant tax liabilities.

« Back to Glossary Index