Accountants are responsible for preparing financial documents, monitoring day-to-day bookkeeping for a firm's operations, and/or preparing and filing tax forms. Auditors verify the accuracy of financial statements and tax filings and may search for clues as to why some figures don't quite add up.

Financial statements provide a snapshot of a corporation's financial health, giving insight into its performance, operations, and cash flow. Financial statements are essential since they provide information about a company's revenue, expenses, profitability, and debt.

The purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business. The Companies Act (South Africa) requires public companies and state owned companies to have an audit.