FINANCIAL AUDIT AND ACCOUNTING SUBCOMMITTEE (FAAS)
  • ABOUT FAAS
    • HISTORY
    • MEMBERS AND OBSERVERS
    • TERMS OF REFERENCE
    • WORK PLAN
    • ANNUAL MEETINGS
  • FINANCIAL ACCOUNTING
    • CASH BASIS
    • ACCRUAL BASIS
    • RULES-BASED vs PRINCIPLES-BASED
    • COMPLIANCE vs FAIR PRESENTATION
    • GENERAL PURPOSE vs SPECIAL PURPOSE
    • INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) >
      • CASH BASIS IPSAS
      • ACCRUAL BASIS IPSAS
  • FINANCIAL AUDITING
    • STANDARDS
    • GUIDANCE
  • DISCUSSION FORUM
  • FAAS SECRETARIAT
Financial auditing is the field of audit that is concerned with the independent and objective evaluation of an organization's financial reports and financial reporting processes.

​The purpose of an audit of financial statements is to enhance the degree of confidence of intended users in the audited financial statements. This is achieved by the expression of an opinion by the auditor on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.​

​The financial audit International Standards of Supreme Audit Institutions (ISSAIs) that are maintained by FAAS may be applied to audit financial statements that are prepared in accordance with the different types of accounting frameworks that are described in the Financial Accounting section.
Proudly powered by Weebly
  • ABOUT FAAS
    • HISTORY
    • MEMBERS AND OBSERVERS
    • TERMS OF REFERENCE
    • WORK PLAN
    • ANNUAL MEETINGS
  • FINANCIAL ACCOUNTING
    • CASH BASIS
    • ACCRUAL BASIS
    • RULES-BASED vs PRINCIPLES-BASED
    • COMPLIANCE vs FAIR PRESENTATION
    • GENERAL PURPOSE vs SPECIAL PURPOSE
    • INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) >
      • CASH BASIS IPSAS
      • ACCRUAL BASIS IPSAS
  • FINANCIAL AUDITING
    • STANDARDS
    • GUIDANCE
  • DISCUSSION FORUM
  • FAAS SECRETARIAT