Audit information refers to data and documentation related to an audit, which is a systematic and independent examination of an organization's financial records and operations. Some examples of audit information include:
|Documents that report an organization's financial performance, such as income statements, balance sheets, and cash flow statements.
|Records and documents that support the financial statements, such as receipts, invoices, and contracts.
|The results of tests performed during the audit, such as tests of transactions, balances, and controls.
|The standards and guidelines followed by the auditor, such as Generally Accepted Auditing Standards (GAAS) or International Standards on Auditing (ISAs).
|A document that summarizes the audit findings and provides an opinion on the fairness and accuracy of the financial statements.
|Management's representation letter
|A letter from the organization's management stating that they are responsible for the accuracy and completeness of the financial statements and have disclosed all relevant information to the auditor.
Audit information is used by auditors to assess the accuracy and reliability of an organization's financial records and to provide assurance that the financial statements are presented fairly and in accordance with relevant standards.
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