From the course: Finance Strategies for Business Leaders

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Auditing for financial risks

Auditing for financial risks

From the course: Finance Strategies for Business Leaders

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Auditing for financial risks

- Audits are good things. Don't get me wrong, they're not puppies, cotton, candy, and vacations good. But they can keep your company and its financial controls in good working order. In fact, audits are one of the most important activities that financial leaders participate in. So let's take a look at some of the most important benefits of doing an audit. An independent financial audit is conducted by an independent accountant who evaluates the financial health of a company, as reflected in its financial statements. An auditor reviews transactions, financial controls, and assets, to make sure that what your company presents in its financial statements actually is what's going on at the company. There are four different kinds of audit opinions and not all of them are good. The best kind and the one that CFOs hope for is an unqualified audit opinion. Which means that the financial statements present fairly. Meaning that…

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