A balance sheet audit assesses the veracity of the data on a company’s balance sheet. According to the auditor’s balance sheet audit checklist, there are several tests involved because auditors rely their analysis on supporting documentation.

Financial statements for a firm are documents that describe its operations and financial performance. Government organisations, accounting companies, etc. frequently audit financial statements to guarantee accuracy and for tax, financing, or investing purposes. Financial statements for the company comprise:

• balance sheet
•  income statement
• Financial statement.

Financial information is used by investors and financial analysts to assess a company’s performance and forecast where the stock price will go in the future. The annual report, which includes the company’s financial statements, is one of the most significant sources of trustworthy and audited financial information. Investors, market analysts, and creditors assess a company’s financial status and profits potential using its financial statements.

An accounting procedure used in company is referred to as financial auditing. The procedure entails employing a single entity to assess a business’s financial operations and statements. Presenting an accurate total of a company’s business transactions is the ultimate goal of a financial audit.