What is Financial Audit

A financial audit is an objective review and evaluation of an organization's financial statements to ensure that they are a fair and accurate portrayal of the transactions they claim to represent. The audit can be carried out internally by company employees or externally by a firm of Certified Public Accountants (CPAs).

Why is Financial Audit necessary?

Financial audits can offer significant value to your company by allowing you to make better decisions and ensuring that your financial statements are current and correct. In light of all of the international accounting standards that exist, audits can assist you in managing complex compliance needs for your firm.

Through different recorded transactions, financial statements capture a company's operating, investing, and financing operations. Because the financial statements are prepared internally, there is a considerable danger of the preparers of the statements engaging in fraudulent activities.

Preparers can readily falsify their financial condition without sufficient controls and standards, making the organisation appear more profitable or successful than it is.

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