Failure to conduct an audit can have serious repercussions.If auditors fail to spot errors in your financial reporting, the issues could become catastrophic and lead to a company's demise.Even if the company survives, unresolved liabilities can accumulate to the point where dealing with them becomes a significant challenge.
Why is it necessary to audit financial statements?
The assurance that financial statements are presented accurately and in accordance with generally accepted accounting principles (GAAP) is the goal of a financial audit, which enables business owners to make confident business decisions.
Why are audits so crucial?
A review is significant as it gives believe ability to a bunch of budget summaries and gives the investors certainty that the records are valid and fair.A company's internal controls and systems may also benefit.
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