What does financial audit mean?
Definitions for financial audit
fi·nan·cial au·dit
This dictionary definitions page includes all the possible meanings, example usage and translations of the word financial audit.
Princeton's WordNet
financial auditnoun
an attestation that the client's financial statement is accurate
Wikidata
Financial audit
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 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. 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.
U.S. National Library of Medicine
Financial Audit
An examination, review and verification of all financial accounts.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of financial audit in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of financial audit in Pythagorean Numerology is: 7
Translations for financial audit
From our Multilingual Translation Dictionary
- audit finanziarioItalian
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"financial audit." Definitions.net. STANDS4 LLC, 2024. Web. 9 May 2024. <https://www.definitions.net/definition/financial+audit>.
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