The main purpose of an audit is to form an opinion on the information in a financial report.Īn Auditor should comply with codes of ethics and should conduct an audit by the international standard on auditing or laws and regulation set up by the government body. An auditor does not judge what will happen in the future they can predict and provide suggestions to the organization. Auditors predict the future of an organization by analyzing the past accounting period. ![]() In the tax, world audit is referred to the review of a taxpayer’s tax return for accuracy. The auditor reviews the financial report of the organization, as per the auditing standard set by the government body. The purpose of an audit is to review the information presented in a financial report is actually matching with the financial position of an organization at a given date or not. The Financial Report includes the balance sheet, income statement, cash flow statement, etc. ![]() ![]() Difference Between Internal Audit vs External AuditĪn audit is the process of independent examination and evaluation of the various books of accounts or financial statements or reports of an organization or individual to make sure that they are accurate and in the manner as per applicable laws and regulations.
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