The goal of a financial audit is to determine if financial statements are ______ correct.

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23-08-2022
Business

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The goal of a financial audit is to determine if financial statements are ______ correct.

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anamta123ahmed anamta123ahmed · Answer 1 · 2022-08-25T23:50:57+02:00

The goal of a financial audit is to determine if financial statements are materially correct.

The purpose of an audit is to provide financial statement users with an opinion by way of the auditor regarding whether or not the economic statements are provided fair, in all fabric respects, according to the applicable economic reporting framework.

The financial audit is an objective examination and evaluation of the economic statements of an agency to ensure that the financial facts are a fair and correct illustration of the transactions they declare to represent.

4 number one financial statement, the balance sheet, income statement, declaration of owners' equity and statement of cash flows, have to be reviewed for accuracy, completeness, and compliance with GAAP(generally accepted accounting principles).

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