Research creates new knowledge about what works and what is best .The audit of accounts and financial statement will give the statement a trust worthiness in market. It also tells us if we are following current best practice.

Auditing is the process of assessment and ascertaining of financial, operational, and strategic goals and processes in organizations to determine whether they are in compliance with the stated principles in addition to them being in conformity with organizational and more importantly, regulatory requirements. Indeed, among the objectives of auditing as mentioned above, conformance with regulatory norms and rules and regulations is indeed one of the drivers behind auditing and historically and traditionally, has been the main reason why organizations get their financial statements, operational process, and strategic imperatives audited.
Among the various types of audits, financial audits are the most popular followed by operational and strategic audits and in addition to the emerging practice of IT (Information Technology) audits. Moreover, auditing as a process has now become so routine and compulsory worldwide that organizations spend quite some time getting their books of accounts and processes audited by both internal and external auditors.

Financial audits are the most common form of audits for various reasons including the fact that businesses exist to make money and return profits and generate wealth for their shareholders. This means that investors and other stakeholders must know whether the businesses are being run properly so that their capital is safe and generating the stated returns.