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The audit report of the company is a key deliverable which shows the end results of the entire audit process. The decisions and plans of the Investors, Lenders, Customers, and others who are also the users of the financial statement are based on the Audit reports of the Company. The Audit report is a written report from the Auditor of the Company which contains the opinion that whether a Company’s financial statement comply with GAAP (Generally Accepted Accounting Principal. In this article, we are going to discuss an audit report format for NBFC.
The auditor of the Company should be careful while issuing the Audit Report as there are a large number of people placing trust on the Audit Report and which helps them in taking decisions accordingly. The report should be issued by being unbiased and objective in discharging the functions.
The Audit Report is not an analysis of the Company’s performance, but the report reflects a measure of the reliability of the Financial Statements[1]. The key significance of the Audit Report:
Read our article:Statutory Audit Checklist for NBFCs – Complete Overview
The basic format of an Audit report on auditing as prescribed by the Standards is as follows-
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