Official review of the financial statements of an institution to verify the accuracy of the accounting entries and the criteria used to make them. Its purpose is to ensure that all economic transactions have been recorded and that the financial statements reflect the true financial and economic situation of the entity and are presented in accordance with Generally Accepted Accounting Principles (GAAP). The audit can be limited or complete, depending on its scope, and external or internal, depending on whether it is carried out by the company itself or another firm. By extension, it also refers to the profession and activity of auditors. Auditors are those professionals responsible for carrying out the audit of the company and can be external or internal: external auditors are generally employed in an auditing firm, while internal auditors are employees of the audited company. The auditors must prepare the audit report, a document that contains the auditor’s opinion on the fidelity and accuracy of the accounts examined. It is usually addressed to shareholders and members of the board of directors if they are the annual accounts or to whoever made the order if it is a specific audit, for example, prior to carrying out an acquisition.
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