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Audit and Audit Reporting (Auditors and audit firms must also comply with…
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Statutory audit: A legally required review of the accuracy of an entity's financial records and financial statements
Audit: An objective examination and evaluation of the financial statements of an organisation to make sure that the records are a fair and accurate representation of the transactions they claim to represent. An external audit is done by an auditor or audit firm that is independent of the entity (a statutory auditor); an internal audit is carried out by employees of the entity (although it can be outsourced
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