What is Financial Audit?

Financial audit focuses on determining whether an agency’s financial information is presented in accordance with the applicable financial reporting and regulatory framework. This is accomplished by obtaining sufficient and appropriate audit evidence to enable the auditors to express an opinion as to whether the financial information is free from material misstatement due to fraud or error.

A misstatement or error in the financial statements is considered material if, individually or in the aggregate, it would influence the economic decision of the users knowing the assertions in the financial statements.

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