Final Audit Flashcards
1
Q
Meaning of the Final audit
A
Final Audit is a comprehensive examination of an organization’s financial statements records and transactions conducted at the end of the financial year
2
Q
Advantages of final Audit
A
- Comprehensive examination
- Independent opinions
- Detection of errors and frauds
- Compliance assurance
- Improved Internal Controls
- Stakeholder Confidence
- Decision making support
- Legal and regulatory requirement
- Tax compliance
