Special Audits and Reporting
Review and Commentary on Consolidated Financial Statement
A financial audit is an objective examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent in accordance with any applicable rules (including accepted accounting standards), regulations, and laws. The audit can be conducted internally by employees of the organization or externally by an outside Chartered Accountant firm.
An audit is important as it provides credibility to a set of financial statements and gives the shareholders confidence that the accounts are true and fair. It can also help to improve a company’s internal controls and systems.
Auditors can be an internal or an external hire.
They work in the company as an employee, and as part of their role, they must audit certain procedures within the company to enhance internal control procedures and business operations.
They are employed by an accounting firm, not by the organization. External auditors perform an audit from an independent point of view and to undertake an audit that is free of any bias.