Audit and Review are types of financial statements that are commonly used in the accounting field. They are basically the same but there are some differences between them. Auditing is a very careful systematic examination of financial statements and accounting records making sure that there are no errors or chances of fraudulent activities. A Review is a simple evaluation of financial records for a chance of modification. To keep things short here is more information on this subject.
If there is a bank and it is not getting audited then something is wrong. With the number of loan defaulters increasing, it has become mandatory for each bank to get audited for their bad loans.
These bad loans are also known as Non performing assets (NPA).
Apart from banks, other companies also need to get audited.
They do get themselves reviewed time to time but the audit done at the end of financial year is the main one.
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