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What is an Audit?
In a nutshell, an audit provides an independent opinion that the financial reports of the entity are not materiality misstated. The purpose is to provide assurance to the reader of the audit that statements and financial reports are correct at a given time, unless otherwise stated. But that’s not all an audit does.
An audit is undertaken in real time. It deals with the state of play both in the present and the past. An audit does not only report past performance, but it also has a focus on current performance and stability. A certified audit service is the barometer for a business heath check. It brings management, directors, owners and stakeholders to account.
Audits deal with integrity from the auditee’s perspective and the auditors perspective. The auditor has a statutory responsibility at law to report to the appropriate authority of breaches of the law and has a much a wider perspective than one might think (NoClar). However, the auditor is also bound by the legislative privacy legislation (Privacy Act). So you information is safe.