An audit is an independent examination of a company’s financial statements and records to determine whether they accurately reflect the financial position and performance of the company. The purpose of an audit is to provide assurance that the financial statements are reliable and have been prepared in accordance with relevant accounting standards and laws.
Audits are typically conducted by external auditors, who are independent professionals with expertise in accounting and auditing. Auditors review the company’s financial records, including balance sheets, income statements, and cash flow statements, and test transactions and other financial information to ensure that it is accurate and complete. They also assess the company’s internal controls and procedures for financial reporting to ensure that they are effective and in compliance with relevant laws and regulations.
Audits are typically required for publicly traded companies, but they may also be conducted voluntarily by privately held companies or required by lenders or other stakeholders.
If you have any specific questions about auditing, we would be happy to try to help.
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