Definition Audit: An audit is the process of checking account and company balance sheets. They will be undertaken by trained auditors who need to have professional qualifications and act independently of the firms interests. Auditors can give accounts the seal of approval or adding qualifying remarks saying there are elements of concern.
Many large companies will employ internal auditors to try and prevent fraud and confusion in bookkeeping
The Audit Commission UK
The Audit commission in the UK is an independent body responsible for checking how government and council funds are used. They look at public spending and decide whether it can be improved or made more efficient.