Marketing What is and what is a company audit A company audit is a systematic and independent review of a company s financial records operations and internal controls. The primary purpose of a company audit is to provide assurance to stakeholders such as shholders investors and critors that the company s financial statements accurate and reliable. usually from an external auditing firm reviews the company s financial statements including the income statement balance sheet and cash flow statement. They will also review the company s internal controls such as accounting policies and procures to ensure they effective and comply with relevant accounting standards and regulations.
During a company audit a group of auditors
The audit process usually consists of three stages Planning During the planning phase the audit team will assess the risks and objectives of the audit and develop an audit plan that defines the scope and timing of the audit. Fieldwork During fieldwork the audit team will collect and analyze evidence to support the audit findings. This may include Air Transportation Email List reviewing documents interviewing key personnel and conducting tests of the company s internal controls. Reporting During the reporting phase the audit team will prep a report that summarizes its findings and provides an opinion on the accuracy and reliability of the company s financial statements.
A company audit can help identify weaknesses
This report is usually provid to the company s management shholders and other interest parties. The benefits of a company audit include Increasing Aero Leads transpncy.confidence to stakeholders that the company s financial statements accurate and reliable. Improv internal control. in a company s internal controls and provide recommendations for improvement. Compliance with regulations. A company audit can help ensure that the company is following the appropriate accounting standards and regulations. Improv access to finance.
