A document containing the auditor’s opinion on the fidelity and accuracy of the examined accounts. Typically directed at shareholders and members of the board of directors if they are the annual accounts, or whoever commissioned it if it is a specific audit, such as before carrying out an acquisition. An audit involves an 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 aim is to ensure that all economic transactions have been recorded, and the financial statements reflect as faithfully as possible the true economic and financial 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 the company itself or another firm performs it.
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