Audit of financial activities

An audit is an objective assessment of an organisation's financial statements (balance sheet, income statement, cash flow statement, statement of changes in equity and notes). An audit is an opinion on whether the financial statements present fairly the financial position and performance of a company. Sound financial management enhances the company's reputation in the market and ensures its smooth relations with lenders and shareholders. In addition, the results of financial performance audits can be used to make management changes and improve internal controls, which ensures the efficient operation of the company.

The primary objective of an audit of financial statements is to provide regulators, governments, lenders and shareholders with an independent opinion that the information reported is fairly presented and in accordance with the country's financial reporting framework. An audit provides the highest possible level of assurance. An audit of your financial performance enhances the credibility of your company, for example, if you are trying to raise finance or are seeking a high-value contract.

Last updated: 31-03-2023