Ethics:

Ethics is the set of some moral values and principal that differentiate right and wrong morally.

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.

FASB: Financial Accounting Standard Board.

It establishes and maintains generally accepted accounting principles (GAAP).

Accounting standard:

This is a set of basic rules and principles set by the Financial Accounting and Standard Board (FASB). These rules help the manager in managing accounts properly. It increases the transparency of accounts. It helps in fair representation of accounts.