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. ISSAI 1210 - Agreeing the Terms of Audit Engagements requires the auditor to evaluate if the accounting framework that is applied to prepare the audited financial statements provides acceptable criteria against which to evaluate the subject matter of the audit (the financial statements). The characteristics of an acceptable accounting framework may differ depending on the type of accounting framework that is applied to prepare the financial statements.
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. ISSAI 1210 - Agreeing the Terms of Audit Engagements requires the auditor to evaluate if the accounting framework that is applied to prepare the audited financial statements provides acceptable criteria against which to evaluate the subject matter of the audit (the financial statements). The characteristics of an acceptable accounting framework may differ depending on the type of accounting framework that is applied to prepare the financial statements.