Audits ensure financial accuracy, regulatory compliance, risk mitigation, and improved business credibility. 

The frequency of audits depends on legal requirements and business needs. Statutory audits are conducted annually, while internal audits can be periodic. 

Essential documents include financial statements, tax records, bank statements, invoices, payroll details, and compliance filings. 

Statutory audits are mandatory for certain business entities, while internal and tax audits depend on turnover and compliance needs.

Audits help identify financial discrepancies, enhance internal controls, improve decision-making, and ensure compliance with tax and regulatory laws.