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An audit is a form of examination, inspection, and review. An audit is performed by auditors who are generally Chartered Accountants (CAs) hired by businesses to examine financial statements, manage accounts and submit reports on accounting, operations, revenue, and expense. Businesses also engage Certified Public Accountants (CPAs) who provide an opinion in their professional capacity on the fairness, accuracy of records, and compliance with certain standards. The work of the auditor is to report their findings to the stakeholders and key managerial personnel in the form of an audit report. Sometimes the audit report is also presented to external stakeholders like banks, creditors, or the government. The audit services may be time-consuming but the findings are beneficial for the business for improving finances and internal controls, exposing risks, and helping stakeholders make informed decisions.
Following are the different types of Audit Services provided by Auditors:
Audit reports are like report cards. For every type of audit, a separate report is prepared. Every business organization must perform regular audits to understand various aspects of its business and how well it is performing. It helps review its operations and remove mistakes that impact the future performance of the business.
Also Read: Internal Audits: What it is, Different types, and the 5CS
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