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smallbusiness.chron.com/specialpurpose-government-audit-vs-corporation-audit-39053.html

Small businesses sometimes undergo corporation audits to ensure that their financial practices are meeting acceptable standards. A business may conduct these audits internally to evaluate its own practices, or it may submit to an audit conducted by another organization. In some cases, a small business also conducts ...

www.sec.gov/reportspubs/investor-publications/investorpubsaboutauditorshtm.html

Jun 24, 2002 ... An audit provides the public with additional assurance — beyond managements' own assertions — that a company's financial statements can be relied upon. As the U.S. Supreme Court stated in the landmark case of U.S. v. Arthur Young: "The SEC requires the filing of audited financial statements in order ...