Objective of Audit
Audit
is primarily is expressing of opinion on the financial statement i.e. whether
or not those financial statements gives true picture of financial position and
performance of the organization. It means that financial statements are not
misstated due to fraud or error.
Importance of Audit
The
audit is carried out to improve the confidence of the user of financial
statements over the accuracy and reliability of financial statement, so that
user of financial statement can use financial statement information for
informed decisions making. Audit provides reasonable assurance that facts shown
in financial statement are free from misstatement.
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