Should an Audit Financial Statement be Conducted?

[Suba]

A general audit is held to check the financial statements and physical assets, etc. of a company. The main purpose of the general audit is to provide assurance that the financial data has been presented accurately. or there is no input or writing error, cheating etc. For small businesses the audit can be carried out by the owner, family or friends. so no need to pay an accountant.

 

[Starmix]

There are some audit financial statements manipulated to escape or reduce tax. The accountant knows much how to to do the manipulations or adjustments. And the authorities cannot question because it's in perfect balance.

 

[Suba]

If those who manipulate financial statements are internal accountants or company employees, those responsible to the law are the company's directors. But public accountants will never be willing to manipulate financial statements. Manipulation can be carried out by companies in collusion with tax officials. Actually there are types of Fraud Audit so that fraud can be uncovered easily.

 

[Starmix]

There's fraud audit those under the table can easily be dictated and manipulated. They violated their professions. But there are only few of them many are committed to their work.

 

[Shavkat]

It needs to conduct auditing because this is how we can assure that the company is not being abused by corrupt people. It is best to do this from time to time.