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Audit and assurance

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Diksha Verma

14 Points Posted on 12 January 2020

Why do we need audit of financial information?

Replies (3)

Quick Summary

Auditing financial information is essential for understanding a business's performance, ensuring accuracy, and identifying errors. Regular audits help stakeholders gauge success, build trust, and improve credit ratings. They confirm the organisation's true and fair affairs, check conformity with records, and ensure compliance with statutory provisions.

Sunil Ahmad

Student

1511 Points Posted on 12 January 2020

# To know how business is going on.
# Reliable and accuracy.
# To know your remarks/mistakes.
# To check perfect accounting.
# By auditing regularly, stakeholders may know the success of your business and increase trust worthy.
# Improve credit rating.

sabyasachi mukherjee

Profession

28271 Points Posted on 12 January 2020

Audit of financial information is being carried out for the following purposes:
1.ascertain true and fair affairs of the organisation.
2. as certain the financial information is in conformity with the records .
3.is in conformity with the statutory provisions as applicable.