What is Company Audit?
A company audit is a verification of a documents or an independent review of a company financial statements, related systems and the processes. In other words we can say that it is an internal and external inspection of the company’s finances. The purpose of an audit is to ensure that, is company’s financial reports are accurate and whether the company is complying all the required legal and regulatory standards or not. Also the audit is conducted for a company irrespectiveness whether it’s profit oriented or not.
An Audit is a formal review of a company’s financial reports, statements, and records to be checked by any professionals accountants. An Audit is done or conducted internally by any Official Accounts employee of the organization and externally audit is done by any outsider Certified Public Accountant or CA. The purpose of an audit is to provide investors, regulators and other stakeholders in a very confidence that a company’s. Audit of any company is done by reviewing company’s balance sheet, income statement, cash flow statement and financial reports/records are updated and are accurate or not.