An audit is an independent examination of a company’s financial records, processes, and statements to ensure accuracy, transparency, and compliance with legal and regulatory standards.

Audits are essential for ensuring that your financial statements are accurate and reliable. They help identify discrepancies, improve internal controls, and build trust with investors, regulators, and stakeholders.

An audit is a comprehensive review of financial statements to provide an opinion on their accuracy. Assurance services, on the other hand, provide broader evaluation of various business processes, providing confidence in the accuracy of data without necessarily issuing an opinion.

Businesses that are publicly traded, required by law, or seeking external funding often need an audit. Small businesses may also choose an audit to enhance credibility or for strategic planning.

An internal audit involves evaluating an organization’s internal controls, risk management practices, and financial systems. Its goal is to improve operational efficiency, ensure compliance, and identify areas for improvement.

Assurance engagements help enhance the reliability of information for stakeholders, giving them confidence in the accuracy of financial or non-financial data.

Audits help identify areas for process improvement, reduce risks, and ensure compliance with regulatory standards. They also enhance stakeholder confidence, which can improve access to capital and investment opportunities.

A statutory audit is required by law to review financial statements and ensure compliance with accounting standards. A tax audit focuses on ensuring accurate reporting of taxes, verifying that tax obligations are met, and reviewing tax records for discrepancies.

The duration of an audit depends on the size and complexity of the business. On average, audits can take anywhere from a few weeks to several months.