Stay assured that any possible inconsistencies will be detected within your financial statements.
Make sure no aspect (expense, revenue, asset, liability, etc.) is overlooked in your statements.
Have a true and fair view of the company’s finances without inflated sales or understated expenses.
Receive audit opinions in a timely manner so that the necessary actions can be taken.
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The company’s income statement (also referred to as the profit & loss statement) provides details on the expenses, revenues, and profitability over a duration of time. Cross-checking the cash book and other books of accounts during an income statement audit allows for verifying the accuracy of transactions.
A balance sheet is a financial statement detailing the company’s assets, liabilities, and shareholders’ equity. A balance sheet audit involves verifying whether assets, liabilities, and equity are included at the correct value. Also, the ownership of the assets stated in the balance sheet may be verified during the audit.
The amount of funds coming in and going out of a business is referred to as its cash flow. Auditing a cash flow statement involves evaluating cash inflows and outflows to obtain a clear picture of the company’s finances, and thus, you can identify potential avenues that could be improved to maintain a healthy cash flow within the company.
The change in equity statement indicates how much the shareholders’ equity has been changed during the accounting period. This statement includes dividend payments and equity withdrawals along with other transactions, and the same is verified during the auditing process.
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