Financial Statement Audit
An audit is described as a formal examination of the books and records of an organization, typically carried out by an outside party. An objective evaluation of a company’s financial status is the fundamental goal of a financial statement audit. Audited financial statements give interested parties a reasonable assurance that they may depend on them when deciding whether to invest money, lend money, issue credit, or conduct other business with the company.
In a financial statement audit, the auditors examine your company’s financial data. They examine an organization’s internal controls and accounting procedures. They guarantee that all of the financial statement components—balance sheet, income statement, statement of cash flows, footnotes, and disclosures—are appropriately categorized, comprehensive, and accurate within the bounds of materiality.
Objective of financial statement audit
- To determine if the financial statements are fairly presented, accurate, and compliant with generally accepted accounting standards (GAAP).
- To evaluate the organization’s risk of fraud
- To determine how a corporation might enhance its operations
- Determining the organization’s ability to continue as a going concern, or financially sustainable
Companies produce financial statements that detail their performance and financial situation. Many different people use this information. a variety of stakeholders (such as investors) in deciding on economic matters. Independent confirmation that the financial statements accurately reflect the company’s financial condition and performance provides comfort to the owners of these companies as well as other stakeholders like banks, suppliers, and customers.
To meet your business needs, 3A Global offers a wide range of accounting, auditing, legal, and management consulting services under one roof. Thus, business can avail end to end services. Our professionals are aware of each company’s needs and produce the essential reports in accordance with them. Companies can gain the advantages by utilizing our accounting and financial reporting services.