What is the primary purpose of an audit in accounting?

The primary purpose of an audit in accounting is to independently evaluate financial statements. This process involves a thorough examination of an organization’s financial reports and underlying records to ensure that the information presented is accurate, reliable, and in compliance with relevant accounting standards and regulations.

An audit provides assurance to stakeholders, such as investors, creditors, and regulatory bodies, that the financial statements fairly represent the company’s financial position and performance. This independent perspective helps enhance the credibility of the financial statements, fostering trust and confidence among stakeholders.

The other options focus on different aspects that are not the core purpose of an audit. Preparing financial statements is a function of management, while identifying tax liabilities falls under tax preparation and planning. Promoting sales and marketing accuracy does not pertain to the auditing function at all, as it relates more to business operations and not the assessment of financial reporting.