Financial Statement Audit covers the independent auditor’s opinion on the historical financial information of the company that are prepared by the company’s management. Financial Statement Audit is usually carried out for a statutory purpose and can be conducted only by registered audit and accounting firms.
An audit report enables trust and transparency among stakeholders. Independent audits are essential to maintain investor confidence. There has been an ongoing series of fraudulent reporting by businesses, which can be pointed out by an effective audit before facing any significant business loss.
An audit opinion provides a high level of assurance. However, a review engagement gives a reasonably lesser degree of assurance than an audit. As in a review, the auditor does not perform all audit procedures. Publicly held entities must have their quarterly financial statements reviewed, in addition to the annual audit.
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