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What is Financial Audit
A financial audit is an independent examination of the financial statements of an entity (profit-oriented or not) irrespective of the size of an entity by auditors or audit firms to provide an opinion regarding the true and fair view of the facts & figures mentioned in the financial statements of the entity and to obtain reasonable assurance regarding whether the financial statement is free from any material misstatement.
It provides safeguards to the interest of persons who are not directly associated with the entity or management of the entity by giving the opinion of an independent party who has examined financial statements and has gathered sufficient & appropriate audit evidence for providing his opinion on the true & fairness of the financial statement.
This comprises checking of internal control and system controls, which provide a check on the employees and creates morale by reducing the chances of embezzlement.
It reviews the existing control and operation of the business and helps in identifying the weakness and inadequacies in the operations and monitoring.
Audited Final Accounts helps the management to settle various claims, disputes as well as in sanction of loans and helps in getting a license from the government as per the government requirements.
The company's reporting systems, balance sheets, tax reports, control systems, income papers, invoices, billing practices, and account balances may all be used to gather information. They next undertake a thorough, accurate assessment of this data to ensure no significant errors or fraud.
A financial auditor's job is to identify fraud and mistakes in business documentation. In addition, they execute accounting analyses to ensure that a company's financial statements are accurate and compliant with generally accepted accounting rules.
While internal (by an employee) financial audits are possible, your stakeholders will usually prefer an audit from an impartial organization. Therefore, you'll likely need to contact a Certified Public Accounting (CPA) business to execute your audit.