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In the annual report,a reader would find out about financial statement if the company’s financial statements give a fair depiction of its financial position and operating results, in an Audit report.
An audit report refers to a letter from the auditor of an organization that's the top results of the audit process. It points out the auditor’s opinion on if the company’s financial statements like the records are according to the extensively accepted accounting principles (GAAP) and if they're free from material misstatement.
The audit report is usually in the mid of the company’s annual report. The audit report is required by banks, investors, financial institutions,creditors, and regulators. When the auditor issues a healthy report, it means the company’s financial statements are found according to the accounting standards. An unqualified report will indicate that the financial plan could have some errors.
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