Overall Purpose of an Audit and Importance
The general
purpose of an audit is to provide credibility to information. An auditor will examine accounting records,
internal controls, and other evidence that support the financial statements
follow generally accepted accounting principles. All of this information is used by the
auditor to issue their opinion in the form of an audit report that will focus
on whether or not the financial statements are presented fairly and in
accordance with the financial reporting framework (GAAP). This is important because the information in
financial statements are used by outsiders such as; banks, individuals
investing in stock, creditors, customers and other 3rd parties. The auditor’s report provides reasonable
assurance that the information in those financial statements can be
believed. (Whittington & Pany, 2012)
Whittington, O. R., & Pany, K. (2012). Principles
of Auditing & Other Assurance Services. McGraw Hill .
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