Financial Statement Audit

FINANCIAL STATEMENT AUDIT

AUDIT CONCEPTS

Auditing is the process of gathering and evaluating evidence about examined information to determine and report on the degree of correspondence between that information and established standards.

The audit process must be performed by qualified and independent Auditors.

FINANCIAL STATEMENT AUDIT CONCEPT

A financial statement audit is an examination to provide comments on the true and fair presentation of an entity's financial statements. Because financial statements are required to be prepared according to current accounting standards and accounting regimes, accounting standards and accounting regimes are used as metrics in auditing financial statements.

PURPOSE OF FINANCIAL STATEMENT AUDIT

The purpose of a financial statement audit is to increase users' confidence in the financial statements by the auditor providing an opinion on whether the financial statements have been prepared, in terms of material aspects, in accordance with the applicable financial reporting framework.

SUBJECTS REQUIRED TO AUDIT FINANCIAL STATEMENTS