Audit and Assurance refers to the processes that evaluate the accuracy and reliability of financial information. An audit involves a thorough examination of an organization's financial statements to ensure they are free from material misstatements. This is typically conducted by an independent auditor who assesses compliance with accounting standards and regulations. Assurance services go beyond audits and provide additional confidence to stakeholders about the quality of information. These services can include reviews and agreed-upon procedures, which help organizations improve their processes and enhance transparency. Both audits and assurance services are essential for maintaining trust in financial reporting.