Audit service refers to the systematic examination and verification of financial records, statements, and transactions to ensure accuracy, compliance with regulations, and financial transparency. It plays a crucial role in detecting errors, fraud, and mismanagement while also helping businesses maintain accountability. There are various types of audits, including statutory audit, internal audit, tax audit, forensic audit, and management audit, each serving different purposes. Audits are mandatory for companies, businesses exceeding prescribed turnover limits, and specific organizations as per the law. These audits are conducted by certified auditors or chartered accountants following regulatory guidelines to ensure compliance with financial and tax laws.