Financial statements of an entity

Financial Statements Of An Entity (importance of financial audit)

 For the principle of better considerate. we need to as it should be recognized financial statements of any entity.

There are numerous questions on the subject of this topic that occur while we study auditing.

But one of the most prime and chief concepts to be understood is the Subject matter of Auditing i.e Financial statements.

audited financial statements philippines 2021

WHAT ARE FINANCIAL STATEMENTS?

Financial statements are printed reports that suggest the production behavior and the monetary presentation of a company.

Monetary statements are frequently audited by command accomplished, accountants, compact, etc. and financial audit checklist.

To ensure exactness and for due, financing, or investing purposes.

Financial statements include:

• Balance sheet

• Income statement

• Cash flow statement.

• Statement of changes in equity

• Notes to the Financial statements

(financial audit) 

Financial statements

The financial statements are prepared by the company but for the internal and exterior stakeholders of the entity.

Assurance (explain previously) on the Financial statements is provided by the skilled personality(auditor) to the stakeholders.  

For better understanding;