The purpose and objectives of an external audit
ID:CVPOA
Video Overview
The management of a limited liability company is responsible for the preparation and presentation of financial statements. Various users of financial statements rely on these to truly reflect the financial performance and position of the business in order to make sound economic decisions. The problem lies in the fact that management is not an independent party separate from the business. In order to protect the users of financial statements, an external audit is required in order to check that the financial statements are, in fact, correct. This tutorial will discuss the purpose and objectives of an external audit.
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