Audit
An audit entails a systematic and comprehensive examination of an organization's financial statements, records, transactions, and procedures.
This inspection is typically performed by an independent and external body to ensure the accuracy, integrity, and compliance of financial statements with accounting standards and regulations. An audit's primary objective is to ensure that the financial reports fairly and accurately represent the organization's financial position and performance over a specified period. Through this evaluation, auditors assess the risk of material misstatement in financial statements due to error or fraud.
The audit process involves examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used, and evaluating significant estimates made by management. An audit enhances the confidence of investors, creditors, and other stakeholders in the financial information provided, playing a vital role in the transparent and efficient functioning of capital markets.
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