What is audit? Types, benefits and limitation of Audit

Origin of Audit and assurance services   S ince the industrial revolution in the 18th - century ,  businessmen  started forming joint-stock companies to do business. I n the most situation, people who manage the company (called management and directors) w ere separated from who owned the company (called shareholders) . T o judge the performance of Management and director, shareholders ask them to prepare and present the financial statements. S oon after it was recognized that the financial statements prepared by the management present th…