Process of Financial Audit

Posted by biz2books-shashi on February 19th, 2020

A financial audit is an independent, objective evaluation of an organization’s financial statements and financial reporting processes.

4 stages in conducting a financial audit

Planning - The process of a financial audit begins with a plan that involves the method of collecting data to form an opinion about the organization or company’s financial status
Internal Controls - The next step involves getting to know about the internal controls of the organization.

Testing - Testing implies checking whether the internal controls are implemented and if yes, are those working effectively or not.

Reporting - The final step in financial audit involves giving a conclusion on how the company adheres to accounting standards.

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Joined: October 16th, 2019
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