Auditing is a service provided by financial service firms (i.e. Deloitte, PriceWaterHouse Cooper, KPMG, Ernst & Young). It requires a lot of accounting skills and knowledge and can be a way to break into investment banking as an Associate (although this is quite hard). Audit is essentially an assessment of the financial statements issued by a firm to verify their accuracy and thoroughness through a process of due diligence. Audit is almost always carried out by an external firm due to the conflict of interest of a firm auditing its own finances.
To learn more about this concept and become a master at Financial Statement modeling, you should check out our FSM Modeling Course. Learn more here.
Module 1: Getting Started
Module 2: Fundamental Concepts
Module 3: The Income Statement
Module 4: Working Capital
Module 5: PP&E and Intangibles
Module 6: The Cash Flow Statement
Module 7: Debt & Interest Schedule
Module 8: Finishing Your Model
Module 9: Bonus