Financial audits are typically performed by firms of practicing accountants who are experts in financial reports. Many companies separately employ or hire qualified internal auditors, who do not attest to financial reports but focus mainly on the internal controls of the organization. Financial auditors may choose to place limited reliance on the work of internal auditors. Auditing promotes transparency and accuracy in the financial disclosures made by an organization, therefore it would likely reduce such corporations concealment of dealings
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Financial audits exist to add credibility and to the implied assertion by an organisation’s management that its financial statements fairly represent the organisation’s position and performance to the law firms.
High quality, independent financial audits are essential to maintaining investor confidence.
The principal law of a company are typically its shareholders, but it also include other parties such as tax authorities, banks, regulators, suppliers, customers and employees who may also have an interest in knowing about the financial audit and statement are presented fairly, in all material aspects.