From the course: The Future of Audit

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Uses of the word audit

Uses of the word audit

From the course: The Future of Audit

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Uses of the word audit

- The word audit gets thrown around a lot but there's an important distinction between audits performed by CPAs following the audit and a test standards set by the AICPA and other kinds of audits. Those audits like energy audits, diversity audits, and cybersecurity audits, can be important for assessing activities and performance within a company around certain guidelines, but you can't take those kinds of audits to the bank. The only kind of audit that can help you get a loan is the independent audit performed by a CPA with an unqualified audit opinion. That's the audit that matters for assessing whether the financial statements of a company present fairly. The other audits can be important for assessing company activities but not for assessing those financial statements. And that's true now, and it will be true in the future no matter how many other activities get labeled as audits.

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