A financial audit is an objective examination and evaluation of an organization’s financial statements to ensure that the financial records are a fair and accurate representation of the transactions they claim to represent. The cost of borrowing money, including interest and other fees, is a finance charge. It could be a percentage of the loan amount or a flat cost levied by the business. Finance costs are calculated in a variety of ways by credit card providers.
The goal of an audit is to improve the value and credibility of management’s financial statements, hence increasing user confidence in the financial statements and lowering investor risk.
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