What is Financial Audit?
Financial audit is performed to give a viewpoint whether “financial statements” (the information being verified) are produced in compliance with specified requirements.
Normally, the factors are international bookkeeping requirements, although auditors may conduct audits of fiscal reports prepared using the cash foundation or some other reasons for bookkeeping appropriate for the organization. In providing a viewpoint whether fiscal reports are pretty produced in compliance with bookkeeping requirements, the auditor accumulates evidence to determine whether the claims contain content mistakes or other misstatements. The review viewpoint is intended to give reasonable guarantee, but not absolute guarantee, that the fiscal reports are presented pretty, in all content aspects, and/or give a true and fair view depending on the financial confirming structure. The purpose of an review is to give an objective independent study of the fiscal reports, which increases the value and reliability of the fiscal reports produced by management.