What is an Audit?

In this explainer video, IFAC Board Member Lisa Padmore shares how audits are used to build trust between investors and companies.

[@luziasatchitomeno7735]

Clear Understandable expectations, thank you.

[@Tpantaleoni]

🎯 Key points for quick navigation:
00:00 *📊 Understanding Financial Statements and Audits*
- Understanding financial statements and disclosures is crucial for making investment decisions.
- Financial audits validate the accuracy and fairness of financial statements.
- Auditors play a critical role in providing independent assurance on financial statements.
01:28 *🔍 Role and Responsibilities of Auditors*
- Auditors examine financial statements to detect material misstatements.
- They use sampling, analytics, and adhere to international auditing standards (ISAs).
- Auditors must maintain independence and follow ethical codes.
02:57 *🛡️ Importance of Audits and Financial Statements*
- Audits ensure reliability of financial reporting and validate internal controls.
- They build trust between companies seeking capital and investors.
- Independent audits are crucial for maintaining market trust and economic stability.
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[@aviatorchris5202]

You have just aided my learning in this topic..... i appreciate

[@Meow-vy4el]

thank you!!

[@AdeAde0224]

Nice simple explanation

[@OneChurch-cg6xw]

"We cannot take trust for granted" 👍