Business owners are probably well aware of what an audit report is and why it is necessary. For those who are new to business, or not involved with one altogether, they might be left asking: What is an audit report?
An audit report is the result of a financial audit carried out by an independent accountant. Both the audit and the subsequent report provide an assessment on the overall financial health of a company. An audit report is important to a number of parties for a variety of reasons.
Because the findings of an audit is so crucial, it is required for all companies that are publicly traded or that are apart of industries regulated by the Securities and Exchange Commission.
In order to provide an accurate profile of a company’s financial picture, an audit report includes such information as assets and liabilities. Audit reports offer a variety of opinions on the company.
Accountants That Help With Audit Reports
Still wondering: What is an audit report? You can learn more about audit reports — how they are compiled, what they mean, etc. — through a qualified accounting professional. TalkLocal can connect you with one right now, for free!
