Financial Audit: Report

The report aims at discussing the importance of financial statements and their use to different stakeholders of a company. Financial statements are books of accounts comprising on set of five financial statements which present the performance and position of a business. The report has also discussed the importance of internal control of the company in detection and prevention of fraud risk. Auditor has a duty to check books of accounts and give his opinion whether the books represent compliance with financial reporting frameworks of not. The report has also made recommendations related to weaknesses in internal control system of the company which may lead to fraud and misappropriation of business assets.