π What is a Financial Audit?
A financial audit is an objective examination of your company's financial statements by an independent auditor. It verifies accuracy, compliance with accounting standards, and uncovers any misstatements β intentional or otherwise.
Note: Audits help build trust with investors, regulators, lenders, and stakeholders.
π Why Financial Audits Matter
β Accuracy & Transparency
Ensure your financial records are free from errors and reflect the true position of your business.
π Compliance
Meet statutory and regulatory requirements, including those from tax authorities or SEBI (in India).
π Business Improvement
Audits can reveal inefficiencies, fraud, or gaps in financial controls, helping you improve operations.
ποΈ Whatβs Covered in an Audit?
During a financial audit, auditors examine your:
- Income statements & balance sheets
- Tax returns and filings
- Bank reconciliations
- Inventory records & fixed asset registers
- Internal financial controls
- Compliance with GAAP/IFRS or other standards