What is the main goal of an audit?

[niyati]

Hi everyone, I’m trying to understand the purpose of an audit. Could someone explain what the main goal of an audit is and why it’s important for organizations? Thanks in advance!

 

[Gsusangrey]

The main goal of an audit is to evaluate the accuracy and reliability of a company’s financial records. It ensures compliance with accounting standards, detects errors or fraud, and provides stakeholders with a clear, trustworthy view of financial health.

 

[Shane Warne]

The main goal of an audit is to provide an independent, objective assessment of a company’s financial statements. It ensures accuracy, transparency, and compliance with accounting standards and laws. Audits help build trust with stakeholders by confirming that financial records are free from material misstatements, whether caused by error or fraud.

 

[ankita]

An audit is principally carried out to offer independent and objective judgment on the financial statements of an organization. It is accurate, transparent and acts in a way that it will be in line with the relevant laws and accounting standards and is therefore the best decision that gives stakeholders assurances on the soundness of the company and its soundness of information shown in the company.

 

[Emly]

The main goal of an audit is to provide an independent and objective assessment of an organization's financial statements to ensure they are accurate, complete, and in compliance with accounting standards and regulations. It helps build trust with stakeholders by confirming the integrity of financial reporting.

 

[Jarwish]

The main goal of an audit is to evaluate the accuracy and reliability of financial statements, ensuring they fairly represent an organization's financial position and comply with accounting standards.

 

[Mayank]

The main goal of an audit is to examine financial records to ensure accuracy, compliance with accounting standards, and detect errors or fraud, providing stakeholders with confidence in the organization's financial integrity and operational transparency.