An External Audit
An external audit, also referred to as an independent audit or statutory audit, involves an impartial auditor examining a company’s financial statements and accounting records. The main objective of this audit is to provide assurance to the stakeholders of the company, including shareholders, creditors, and investors. It verifies that the financial statements prepare in accordance with the applicable accounting standards. Which present an accurate and unbiased view of the company’s financial position, performance, and cash flows.
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During an external audit, the auditor follows established auditing standards, which require obtaining adequate and relevant audit evidence to support their findings. The auditor then issues an audit report that includes their professional opinion on whether the financial statements are free from significant misstatements. Additionally, the report may highlight any notable issues or concerns that were identified during the audit process.
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