What is an audit report?

An audit report is a written document that provides an independent assessment of an organization's financial statements and overall financial health. The report is typically the final output of an audit process, which involves a thorough examination of an organization's financial records, internal controls, and management practices. Audit reports are typically prepared by certified public accountants (CPAs) and are used by shareholders, creditors, and other stakeholders to evaluate an organization's financial standing and make informed decisions about investing or lending money. The report provides an unbiased opinion on the financial statements, highlighting any material misstatements or deficiencies in the internal control system. Overall, the audit report serves to ensure the accuracy and reliability of financial reporting within an organization.

This mind map was published on 8 May 2023 and has been viewed 105 times.