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- Financial_audit abstract "A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion. The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. The purpose of an audit is to provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements. In accordance with the US GAAP, auditors must release an opinion of the overall financial statements in the auditor's report. Auditors can release three types of statements other than an unqualified/unmodified opinion. The unqualified auditor's opinion is the opinion that the financial statements are presented fairly. A qualified opinion is that the financial statements are presented fairly in all material respects in accordance with US GAAP, except for a material misstatement that does not however pervasively affect the user's ability to rely on the financial statements. A qualified opinion can also be issued for a scope limitation that is of limited significance. Further the auditor can instead issue a disclaimer, because there is insufficient and appropriate evidence to form an opinion or because of lack of independence. In a disclaimer the auditor explains the reasons for withholding an opinion and explicitly indicates that no opinion is expressed. Finally, an adverse audit opinion is issued when the financial statements do not present fairly due to departure from US GAAP and the departure materially affects the financial statements overall. In an adverse auditor's report the auditor must explain the nature and size of the misstatement and must state the opinion that the financial statements do not present fairly in accordance with US GAAP.Financial audits are typically performed by firms of practicing accountants who are experts in financial reporting. The financial audit is one of many assurance functions provided by accounting firms. Many organizations separately employ or hire internal auditors, who do not attest to financial reports but focus mainly on the internal controls of the organization. External auditors may choose to place limited reliance on the work of internal auditors. Auditing promotes transparency and accuracy in the financial disclosures made by an organization, therefore would likely to reduce of such corporations to conceal unscrupulous dealings.Internationally, the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB) is considered as the benchmark for audit process. Almost all jurisdictions require auditors to follow the ISA or a local variation of the ISA.".
- Financial_audit wikiPageID "224702".
- Financial_audit wikiPageRevisionID "599169731".
- Financial_audit about "yes".
- Financial_audit by "no".
- Financial_audit hasPhotoCollection Financial_audit.
- Financial_audit label "Financial audit".
- Financial_audit onlinebooks "no".
- Financial_audit others "no".
- Financial_audit subject Category:Accounting_terminology.
- Financial_audit subject Category:Auditing.
- Financial_audit subject Category:Finance.
- Financial_audit comment "A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion. The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework.".
- Financial_audit label "Audit comptable et financier".
- Financial_audit label "Auditoria contábil".
- Financial_audit label "Auditoría contable".
- Financial_audit label "Audyt finansowy".
- Financial_audit label "Financial audit".
- Financial_audit label "Revisione contabile".
- Financial_audit label "Wirtschaftsprüfung".
- Financial_audit label "تدقيق مالي".
- Financial_audit label "会計監査".
- Financial_audit sameAs Audit_účetních_výkazů.
- Financial_audit sameAs Wirtschaftsprüfung.
- Financial_audit sameAs Auditoría_contable.
- Financial_audit sameAs Audit_comptable_et_financier.
- Financial_audit sameAs Audit_keuangan.
- Financial_audit sameAs Revisione_contabile.
- Financial_audit sameAs 会計監査.
- Financial_audit sameAs 회계감사.
- Financial_audit sameAs Audyt_finansowy.
- Financial_audit sameAs Auditoria_contábil.
- Financial_audit sameAs m.01gr1q.
- Financial_audit sameAs Q740419.
- Financial_audit sameAs Q740419.
- Financial_audit wasDerivedFrom Financial_audit?oldid=599169731.
- Financial_audit isPrimaryTopicOf Financial_audit.