Urge to audit firm’s financial statements—Exigency and profit
Gone are those days when companies used to rely on in-house staff and auditors to settle their accounts and maintaining financial records. The need of an independent auditor cropped up to settle fiscal accounts fairly, in accordance with the standards. The auditor then takes the help of the firm to reconciliate accounts, impart legal advice, settle records based on cash flows and then preparing an audit report. It is very important for a firm to have their financial statements audited from time to time. The recent developments, the future plans of growth and investments should all be maintained on paper to ensure a steady growth. Therefore, a frequent audit of the firm’s financial records is mandatory to enhance its profit margins. The financial statement audi t report carries details of financial statements for a firm. It should be audited on a regular basis by external auditors who can provide a fair opinion on the fiscal policies. Logic behind regular financial statement a