Question

Holly Lane is an accountant with Mildred​ & Lane Co. and she has recently been asked to visit Maine Manufacturers to survey their financial​ records, assess their compliance with federal and state​ laws, and provide an opinion reflecting the state of the​ company's financial records.​ Holly's assessment of the financial records of Maine Manufacturers is called​ a(n) ________.

A) probate
B) audit
C) arraignment
D) easement

Answer 1

Answer: Audit

Explanation: In this case the evaluation of financial records of the corporation(Maine Manufacturer) done by Holly lane is known​ an audit.

Audit is a methodical and autonomous process under which one examines  statutory records(i.e  books, accounts,documents and vouchers) of an institution and also appraise their acquiescence with laws, and provide an assessment  reflecting the expound of organization's financial records.

Therefore, the correct option is (b)