These can include Licensing Authorities or other external stakeholders. If you are new to the procedure, it can initially seem daunting.
To help you get a better understanding of how audits work, how they benefit your business, and why they are important, we have prepared a helpful guide that gives you all the information you need.
In short, audits are conducted to show stakeholders that financial statements are reliably prepared and attested to the appropriate IFRS standards.
Audits are typically conducted by independent and accredited auditors to assure stakeholders that financial statements accurately represent a true reflection of the company’s financial position.
There are numerous types of audits including tax audits, investigative audits, operational audits, and financial audits. Financial audits are the most common.
Why do you need an audit?
Audits are often required to meet certain financial reporting requirements from stakeholders and some government bodies.
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