Why are audits important

Why are audits important

Why are audits important

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An audit report is a report addressed to the shareholders of a company and the users of the Financial Statements, by an independent auditor of their assessment of whether the financial statements give a true and fair view of the financial position and performance of a company.


Why are Audit’s important?

An audit is important as it provides credibility to a set of financial statements and gives the shareholders and investors confidence that the accounts are presented true and fair. It can also help to improve a company’s internal controls and systems.


Why does Audit’s quality matter?

The value of an audit is determined by the usefulness and relevance information included in the annual report and in the accounts of a company. During these times of increased complexity and diversification in businesses, the need for such valuable information disclosed in the financial statements is at its peak.


When is an Audit required?

Audit of financial statements of a company is a statutory requirement for all Cyprus companies regardless of the size of the company. The audit of group financial statements are required for large size Groups exceeding certain criteria and condition.


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