An audit is an independent examination of the financial situation of an organisation to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. The financial documents that are commonly examined include a balance sheet, an income statement, and a cashflow statement, as well as other relevant documents.
The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date. An audit is concerned with whether the details of what is owned and what the organisation owes are properly recorded in the balance sheet; and whether the profits or losses are properly assessed.
When we act as auditors, we will discuss the scope of the audit work with you. Although we’re independent and objective, we conduct the audit work carefu;ly and efficiently with minimum disruption to the business.
Audits are commonly performed on non-for-profit organisations, businesses that are for sale or at the end of each financial year.