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Audit is the most important financial action that is taken by any company and the businesses in this regard make sure that the process is carried in line with the requirements. The audit’s outcome is a report that is known as the audit report which is considered to be the best and the most authentic document when it comes to financial documentation. It has several parts and all should be completed in order to make sure that the authentic analysis is presented in front of the management, stakeholders and the company’s board of director so they can plan the actions and future decisions accordingly. To get the best form of audit report it is always advised to let the auditor work in an independent environment and to never come in the way of the audit that is being performed. The audit report is only authentic when it is presented to the general public with the help of detailed analysis and financial reporting ethics are also met. The audit report also ensures that the business forecasts the financial behavior to generate more profit as well as revenue so that the financial targets can be achieved. It is the audit report that also ensures that the decisions are always taken in the best interest of the business so that it flourishes and captures the market to promote the products and services. To achieve all these advantages following are some of the salient features of the audit report that should be included so that the document is deemed to be complete:
The auditor’s signature is the most important part of the audit report and it is a section that validates the authenticity of this financial document. Keeping this fact in view it is something that a stakeholder or the investor should look for once the report has been presented. It should either be signed by the independent auditor or the firm that is carrying the audit on behalf of the business. Absence of this part not only makes the audit report ambiguous but according to new Nigerian accounting standards the report is not authentic and acceptable without the signature of the auditor.
The opinion paragraph clearly shows the financial health of the company so this part is related to the stakeholders and the investors. It is that part of the audit report which makes sure that the investment management is handled in the most effective manner. This paragraph also ensures that the methods that are applied to extract the audit report are also mentioned by the auditor so that the validity of the claims made is confirmed. The auditor also adds the related points to ensure the expert opinion is added and the financial document is explained in more detail.
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