Accounting Services and Functions

Question 1

What is an Audit?

Answer 1

An audit is the examination of the financial report of an organisation by someone independent of that organisation, including a balance sheet, an income statement, a statement of changes in equity, and a cash flow statement.

Question 2

What is the purpose of an Audit?

Answer 2

The purpose of an audit is an expression of an opinion as to whether the financial statements show a true and fair
view and have been prepared in accordance
with appropriate accounting standards.