4 ms·
What Tyrek said. Also, I could have phrased it better as "assurance that the company's financial statements accurately portray the activity in their accounting
by bigjimmyk3 8y ago
What Tyrek said.
Also, I could have phrased it better as "assurance that the company's financial statements accurately portray the activity in their accounting ledger(s)." An audit is about matching the financial statements to "the books" rather than looking for impropriety.
- 0003 8y agoAudits also check that the book's transactions are correct, but this is done through a risk based approach. In my opinion, most practitioners do not understand risk quite well enough.