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.

PCAOB:

It refers to the Public Company Accounting Oversight Board. It is founded in 2002 by Daniel L Goelzer. It is a private non-profit organization. This was founded after many scandals in the 1990s. The auditors of the company were involved in those scandals. To protect public companies from these problems PCAOB was set up.

Stakeholder:

A person interested in the operations of the company whether he is a part of the company or not is known as a stakeholder.