financial audits

A financial audit is an independent examination of a company's financial statements and records to ensure accuracy and compliance with accounting standards. During the audit, auditors review financial practices, verify transactions, and assess internal controls to identify any discrepancies or issues. The goal is to provide assurance to stakeholders—such as investors, regulators, and management—that the financial statements fairly represent the company’s financial position and performance. Audits enhance transparency and accountability, helping build trust in the organization’s financial reporting.