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What is audit?

Definition of Audit

Audit (from Latin revisiō ‘reviewing’) is a review performed by a special, competent person (auditor) who collects and evaluates information and expresses an opinion and recommendations. Audit is an inspection of correctness and lawfulness of operations and transactions of the company, and it is initiated by a superior institution especially regarding the operations and the financial position; audit includes inspection of accounting of property status, records of operational results, financial statements, accounts and similar items in order to reveal irregularities.[1]

The aim of the State Audit Office is to make sure whether the operations of a public entity which are performed by using financial means of such entity are lawful, correct, economical and efficient, and to provide recommendations for eliminating the shortages.