This refers to the written opinion of an auditor regarding whether a company’s financial statements are a fair representation of the company’s financial performance and financial position.
For shareholders the audit report provides an assurance that the organisation’s performance is as stated in their financial reports. It can also be used by banks to obtain assurance that the business is viable before lending, or by potential investors. In some cases, for example government procurement, the audit report is also used by buyers to gain an assurance on the reliability of the organisation.
Audit Report is a term normally found in audit, risk and control.
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