GAO 04 667G Financial Audit Manual Form

Instructions and help about GAO 04 667G Financial Audit Manual

the purpose of a financial audit is to provide assurance that an organization's financial statements are accurate reliable and compliant with relevant laws regulations and accounting standards Financial audits are typically conducted by external Auditors who are independent of the organization being audited the process involves reviewing and verifying the accuracy and completeness of the organization's Financial records testing the organization's internal controls and evaluating the overall financial reporting process the results of a financial audit are typically reported in an audit report which includes an opinion on the fairness and reliability of the financial statements there are six reasons to conduct a financial audit number one to meet legal or regulatory requirements in some cases a company may be required by law to undergo a financial audit such as publicly traded companies or organizations that receive Government funding number two to improve financial reporting a financial