Audit of Financial Reporting is the process of independent verification and confirmation of the accuracy and correctness of a company's financial statements. The purpose of the financial reporting audit is to provide reliable and objective information about the financial condition, performance, and changes in the financial position of the organization for stakeholders such as investors, creditors, and regulatory authorities.

The main objectives of the financial reporting audit include:

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  Verification of compliance of financial statements with established accounting standards and regulations

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  Determination of the accuracy and reliability of financial data reflected in the statements

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  Identification of potential errors, risks, issues, and deficiencies in the reporting and their correction

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  Providing an independent opinion on the adequacy and reliability of the organization's financial statements

The audit of financial reporting is conducted by licensed professionals (auditors) who possess the necessary knowledge, skills, and experience in the field of auditing. Upon completion of the audit, an audit report is issued, which contains the auditor's opinion on the accuracy and reliability of the company's financial statements.