What is an Audit and Why is it Important for Businesses? An audit is a systematic examination of an organization’s activities, generally with the goal of finding out how well they are working. The audit is important because it provides data and information on the performance of a business. Audits are conducted to assess the effectiveness of an organization’s systems and procedures, as well as to provide insight into its financial health. Audits may be conducted by internal or external auditors, or both. Internal Auditing- Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Auditors have to think like Entrepreneurs to ensure thatneeds and risks of the business are accurately identified. Develop