Audit report is a formal opinion of an internal or external auditor about the perfection of books of accounts of any business. An audit report is very important at the end of the year when financial information of the company is to be provided to its shareholders. Preparing a sample audit report is optional for the private companies but it is mandatory for the public companies to get their accounts audited by independent auditors and their findings are submitted as an audit report. Audit report is prepared in the formal way just like an annual report. It must also have a title page, table of contents, executive summary, abstract, body of the report, conclusions and recommendations etc.
An audit report can be defined as a formal written statement which clearly tells about the financial values of business along with milestones a company have achieved in the fiscal year. This, report will be formed by the auditor of company who conduct an official inspection to inspect the organization’s accounts. Typically, a professional audit report format maybe generate by an independent body, which will collect the opinion of an internal or external auditor about the perfection of business accounts.
No doubt, in point of view of business audit report is actually a significant component which not only help the company to known about the financial information of company’s accounts, but it also assist the company to provide the information of company’s financial examination to the shareholders. Thus, an audit report template maybe prepared in the formal way to record different things, just like; table of content, executive summary of business, financial values, business accounts, abstracts, body of the report, auditor who has examine the accounts, conclusions, recommendations & even more.
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