Guam Model Letter Accountants To Auditors
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FAQ
Audit procedures are the techniques, processes, and methods that auditors use to obtain reliable audit evidence, which enables them to gain a sound judgment about an organization's financial status. Audit procedures are conducted to help determine whether or not a company's financial statement is credible and factual.
The main purpose of an audit is to report to the owners that the records, financial statements, and profit or loss and cash flow for the year, as well as any other matters as may be prescribed, offer an true and fair view of the state of the company's affairs and financial performance for a given period.
The main goal of auditing is to make sure that a company's financial statements are accurate and are following regulatory guidelines. Auditing also gives investors, creditors, and other stakeholders reasonable assurance that they can rely on a company and its integrity.
Objectives of Auditing It is to be established that accounting statements satisfy certain degree of reliability. Thus the main objective of auditing is to form an independent judgement and opinion about the reliability of accounts and truth and fairness of financial state of affairs and working results.
The purpose of an audit is the expression of an opinion as to whether the financial statements are fairly presented in conformity with appropriate accounting principles.