Auditing can be regarded as the on-site verification exercise, like the inspection of a particular quality system or a process, to ensure total adherence to certain requirements. An audit may be relevant to an organization as a whole or might be intended for a function, process, or a production step. Some audit firm in Singapore has unique administrative goals, like auditing documents, risk, or performance, or monitoring finished corrective actions.
In other words, a financial audit is the thorough scrutinization or examination of the financial statements of an organization to ensure that the financial records are correct and fair representation of the financial transaction to claim to carry out.
Majority of all the companies get an annual audit of their financial statements, like the income statement, balance sheet, including cash flow statement. Lenders always ask for the results of an external audit yearly as part of their debt agreement. Auditors are usually in charge of auditing, and they offer a wide array of auditing services.