What Is Auditing and Why Your Business Needs It?

Updated: Jun 22


As a business owner looking to expand and grow your business, from a small organization into a larger one, you need to monitor your finances to protect your assets from possible misconduct. These measures can keep your finance function in order.

An external auditor's responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Egyptian Standards on Auditing and applicable Egyptian laws. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

Stakeholders—including investors, creditors, and regulators—will want to rely on and trust the accuracy of your financial statements. An audit is performed to provide a higher level of financial assurance to stakeholders.

A CPA firm will wrap up this process by presenting a written certified audit opinion that can come in four formats. “Qualified report” or “Unqualified” or “Adverse” or “Disclaimer”.

An audit includes evaluating the appropriateness of accounting policies and the reasonableness of accounting estimates made by management, and evaluating the overall presentation of the financial statements.

An audit sharpens your financial reporting and serves as an early-warning system in case there are any problems that could affect the company in the future.

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