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.

Professional judgment:

Professional judgment refers to the use of professional knowledge and experience by the accountant and other departments involved in the process of preparation of the financial statement to make it more useful, understandable, and comparable.