Balance sheet:

The balance sheet of the company shows all the assets, liabilities, and owner’s equity at the end of the accounting period. It is also known as the statement of financial position.

Audit:

The audit is the process of checking the financial statements of a company `to ensure that it is 100% authentic and free from any kind of bias or fraud.

Fraud:

Fraud means the willingly wrong representation of something, to hide some material facts from outsiders or mislead them about some facts.