Audit: independent systematic examination of accounts ensuring verification, authorization and reliable financial reporting to stakeholders. Audit is a formal, systematic examination and verification of accounts and records by an independent examiner that culminates in a report. It includes public auditing-assessing management's financial statements for external users-and internal auditing-testing whether accounting systems meet management needs. Methods include detailed comparison of vouchers with entries and administrative pre-audits verifying authority for payments; auditors use tests, confirmations, and vouchers to form conclusions and produce a final audited statement ensuring accuracy, authorization, and reliability of financial information.