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Significance is show the strength and weakness of a company's financial statement report in a true and fair view[accuracy, relevancy and completeness]in line with laid down International Accounting and financial reporting guidelines. It also shows a business in continuity or in winding up stage.
These are therefore evaluations, investigations, audits or controls, grouped under the term audit due to regulatory or normative requirements. Indeed, these requirements stipulate that these operations correspond to written procedures with identified officials, which explains the appearance of this term in French.The audit is perceived as a continuous improvement tool, because it allows to take stock of the existing in order to identify the weak points or non-compliant (according to auditing standards). This observation, which is necessarily formalized in the form of a written report, makes it possible to take the necessary actions to correct the discrepancies and dysfunctions noted.The auditors refer in particular to the ISO 19011 standard, which deals with the audit technique and the competencies required of the auditor. Statutory external auditors rely for their audits on national or transnational accounting standards and on internal control principles.
Main objective of an audit is to assess the risk of material misstatements in the financial statements that can exist due to loose internal controls and from inaccurate management assertions. More over audit assesses the strength and weakness of a company's financial statement.
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