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Compulsory reporting of all positive and negative information about the audited firm in an audit report. Its objective is to enable creditors and investors to draw an informed conclusion about the firm's financial position.
The audited financial statements including the balance sheet should be be disclosed to creditors, so that they know the creditworthiness of the company, to the shareholders so that they know how profitable the venture is, to the labour union leaders so that they are informed about the profitability of the company and they can be aware of the workers share of the profits and the government at large which is interested in the well being of the industry. Disclosure of audited accounts by a limited company is mandetory by law.
Depending on the number of public interest score, the value of turnover, the complexity of accounting, the number of employees, number of shareholders will ALL be factors in determining the type of disclosure, and whether the financial statements are prepared on International Financial Statements for Small and Medium-sized Entities (less disclosure and reporting criterion) or on FULL International Financial Standards where risk and reporting in terms of IFRS7 for financial instruments is required.
