Audit:

The audit is defined as a systematic examination of books of accounts of an individual or an organization. Auditing is done by the professional CPA; we call them auditors.

Auditor:

The auditor is the person hired by the owner for a systematic examination of books of accounts of the company. The auditor uses its professional knowledge and gathers evidence. It should be a question minded, plan, and being alert to the condition of the misstatement due to fraud and error.

Management:

There are three levels of management, top management, middle management, and lower management. Top management set objectives, make a plan and take decisions of the organization.

Ethics:

Ethics in the accounting profession is defined as guidelines and principles. It includes laws and standards of behavior.

GAAP:

GAAP stands for generally accepted accounting principles. It is the set of accounting principles and standards.

It was issued in 1973 for US public and private companies by the financial accounting standard board for issuing a public statement.

It is the set of accounting guidelines lines and rules used by the companies for financial reporting.