Abstract: Audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ensure the validity and reliability of information and also to provide an assessment of a systems in internal control. Demand for audit comes from relation between owner and manager as an exact measure of state in finances according to available information. Quality audits are essential to verify the existence of objective evidence shoving conformance to required processes, to assess how successfully processes have been implemented, for judging the effectiveness of achieving any defined target levels, providing evidence concerning reduction and elimination of problem areas and are a hands-on management tool for achieving continual improvement in an organization. New look on Audit, as a crucial process in finding, avoiding and preventing possible frauds, initiated evolving changes in process itself. Modern Audit carries responsibilities in adequate risk management in doing business and protection of business units from inside.