The purpose of the audit can be better understood as why it is a necessity today in the present environment, the reason for which can be the growth of an organization, increase in its size and stakeholders, complexity in the nature of business operations, change in legal and business environment, or to judge the responsibilities delegated to the management.It is a systematic and scientific examination of the books of accounts and records of a business/organization in order to ascertain/verify whether the financial statements and the reports presented by the management are free from certain material misstatements/mistakes, which may affect the true and fair view of the financial statements.Since the size, volume, and complexity of an organization's transactions have increased multi-fold, the opportunity of making errors is constant.