What Exactly is Entailed in a Financial Statement Audit Report?
An accounting audit report gives the complete financial perspective of a company, and is prepared at the end of the financial year. This document is of use to all who want an exact picture of the functioning of the company. The aim of this document is to provide insights into the functioning as well as profitability and viability of the company as a commercial enterprise. The benefit to those who study this report is that they get the real picture from studying all the information that it holds, which is certified to be true and materially accurate. The reporting period is referred to as a financial year and this pertains to the start of the accounting year i.e. the day following the end of the previous financial year. In case of a new company, this is the day of formation of the new company. Preparation and filing of accounts The procedure of filing audit reports applies to all public companies, even if they are filing for exemptions based on the contents of the report. Every company,
