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Rethinking your insight into the measly one mill he paid for the condo. Could be hanky panky there. We need to demand an audit of the transaction.

REFERENCE---According to the Association of CPA’s, an audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization (non-profit or publicly-held) to ascertain authenticity of financial statements as well as non-financial disclosures and to codify that the account presents a true and fair view of the issues at hand.

An audit also attempts to ensure that the account is properly maintained as required by federal and state law. The auditor perceives and recognises the issues, and conducts a examination, obtains evidence, evaluates the same, and formulates an opinion on the basis of informed judgement which is communicated through an audit report.

Areas commonly audited include: compliance audits, internal controls, quality management, project management, and collection and disposition of monies. As a result of an audit, principles and stake-holders may effectively evaluate and improve the effectiveness of risk management, control, for the edification of the account-holder and the relevant federal and state governance agencies with a financial stake in the subject matter.

Financial audits are commonly performed to ascertain the validity and reliability of information, as well as to provide an assessment of a system’s internal control. As a result of this, each party can have an accounting given on financial statements based on on the audit evidence obtained.

Due to constraints and limitations that might be placed on the auditor, an audit seeks to provide reasonable assurance that the statements are free from material error. In the case of financial audits, a set of financial statements are said to be true and fair when they are free of material misstatements – a concept influenced by both quantitative (numerical) and qualitative factors.