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maariz zawar has given a good answer above
Financial Audit aims to provide an independent opinion about a company FS are free from material misstatements or not. To proceed with it, Strengths include the detailed understanding of the Entity by having a deep insight into the relevant industry, regulatory, test of controls and the applicable Reporting framework. identifying key business risks an entity faces and the measurement of financial performance.
difficulties encountered in this process are usually the availability of sufficient records or limited access to the data. in some cases, auditors have to rely on other professional's work when it comes to specialized estimation. measuring the inherent risk is also considered to be the higher difficulty where a newly formed company has a significant exposure to the complex derivatives instruments.
