what is audit report?

[alenaghose]

I’ve come across the term “audit report” in some financial documents, and I’m not entirely sure what it means. Can someone explain what an audit report is, what it includes, and why it’s important? Thanks in advance for any insights!

 

[Samuel]

An audit report is a formal, written opinion by an independent auditor on an organization's financial statements, confirming their accuracy, completeness, and adherence to accounting standards like GAAP. It provides stakeholders—such as investors, creditors, and regulators—with a reliable assessment of the company's financial health and helps them make informed decisions, thereby promoting transparency and accountability.

 

[Rick_Grimes]

An audit report is a document prepared by an auditor that gives an independent opinion on a company’s financial statements, showing whether they’re accurate and follow accounting standards.

 

[karen]

An audit report is an official report in which an auditor gives his or her attitude on whether financial statements of a company are fair and within the accounting standards. It makes investors and other stakeholders have confidence in the financial strength of the company.

 

[nikhilrajoria]

An audit report refers to a written report that is prepared by an audit after examining financial statements of an organization. It gives an opinion on whether the records are accurate, full and adherent to the accounting standards. This would be crucial to the investor, regulator and the management.

 

[Mayank]

An audit report is a formal document prepared by an auditor after examining a company's financial statements. It provides an independent opinion on the accuracy, completeness, and fairness of the financial records, ensuring transparency and compliance with accounting standards.