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lawguy we're nearly stats twins :D
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Simple English definitions for legal terms
audit report
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A quick definition of audit report:
An audit report is a written statement from an outside auditor that accompanies a company's financial statement. The report expresses the auditor's opinion on the accuracy of the company's financial condition as presented in the financial statement. It helps investors and stakeholders understand the financial health of the company and make informed decisions.
A more thorough explanation:
An audit report is a written statement prepared by an external auditor that accompanies a company's financial statement. The report expresses the auditor's opinion on the accuracy of the company's financial condition as presented in the financial statement.
For example, if a company hires an external auditor to review its financial statements, the auditor will prepare an audit report. The report will state whether the financial statements are accurate and comply with accounting standards. The report will also highlight any issues or concerns that the auditor identified during the audit.
The purpose of an audit report is to provide assurance to stakeholders, such as investors and creditors, that the financial statements are reliable and can be used to make informed decisions. It is an important tool for maintaining transparency and accountability in financial reporting.