14. AUDIT:
14.1. Definition:
Auditing is the independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon.
14.1.1. Audits are performed to ascertain the validity and reliability of information; they also provide an assessment of a system's internal control.
14.1.2. The goal of an audit is to express an opinion on the person / organization / system (etc.) in question, under evaluation based on work done on a test basis.
14.1.3. PFC will prepare and produce a set of year-end financial statements viz. the Balance Sheet, the Income & Expenditure account, Receipts & Payments account, Trial Balance and the General Ledger.
14.1.4. Such statements, files and other relevant information that is required by the Auditor must be supplied within the shortest possible.