Audit & Assurance

 An audit is a systematic review and assessment of information or documents.

There are a few different types of audit but, in the specific context of professional services, an audit is usually financial. It is intended to provide reasonable assurance, but not absolute assurance, that the financial statements give a true and fair view in accordance with the financial reporting framework.

Not all companies are required by law to have audits. Many companies who do not require audits by law opt to have their financial information assured independently, usually by accountancy firms.

Assurance is a professional service with the aim of improving the quality and transparency of information, to reduce the chance of problems occurring from incorrect information. An audit is a type of assurance service.

Assurance services can be regulatory or compliance-based. They work to ensure that a company or organisation is following guidelines, rules and policy, and provide both internal and external confidence for financial statements.


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