What is an Audit of Financial Statements?

Introduction

An audit is a process of expressing an opinion and issuing a report on whether a specific event, delimited by a certain period of time, complies with established criteria. Both the criteria and the audit procedures must be clearly defined.

For example: A financial statement audit involves evaluating whether the financial statements of a client/preparer, prepared as of a specific financial year-end, have been prepared fairly and accurately in accordance with the International Financial Reporting Standards (IFRS).

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To reach this conclusion, the audit is conducted using procedures and methodologies in accordance with the International Standards on Auditing (ISA). The outcome is a written audit report, which includes the auditor’s opinion and relevant disclosures or explanations.