Determining the value of audit is a straightforward and non-precarious activity. As accounting professionals, we, of course, refer to audit from a financial audit standpoint, but there are many types of audits including compliance audit, tax audits, and operational audits, to name a few. A financial audit is the analysis of the fairness of information in an organization’s financial statements and is the most common type of audit conducted. Audit firms conduct these types of audit independent of the business entity. When it comes to auditing private companies, regulators have numerous audit requirements that also change over time. The main value of having a financial audit can be surmised by subtracting the cost of the audit from value-added items such as ensuring accountability and reliability, increasing credit rating and value, and gaining a clear picture of the overall health of the business.