Here, we explain the main purpose of auditing. The goal of an audit is to determine if the information supplied in the financial report, taken as a whole, accurately reflects the organization’s financial status at a given date, such as:
- Is information about what the organization owns and owes appropriately reported in the balance sheet?
- Are profits and losses accurately calculated?
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One of the key reasons an organization appoints an auditor is to ensure compliance with legal and statutory standards imposed by the government. If the entity fails to comply, its license to operate in the country may be canceled. Some governments demand audits of all enterprises that serve as corporations. At the same time, some corporations are excluded from audits if certain financial statement line items fall below a set threshold.
Audit processes are supposed to be an important component of transparent and complete corporate governance in order to address the issue of understatement or overstatement in financial statements and to avoid fraud and misrepresentation. (Although. The primary role of auditors is not to discover fraud. IHPCA is the leading Audit Firm in Qatar, Our talented team of experts goes beyond simple services.
Auditors must adhere to auditing criteria established by a government entity while reviewing financial reports. When auditors finish their work, they create an audit report in which they describe what they did and provide an opinion based on their findings. Every year, all publicly traded firms and limited liability companies are audited. Other organizations may require or seek an audit depending on their form and ownership. We are the leading Auditing Company in Qatar. To Know More Contact us.
