Demystifying the audit

January 2013
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Demystifying the audit

At a glance

This Insights for the Investment Community explains what the auditor does, what the auditor does not do, and how to better understand the audit opinion.

Are a company’s financial statements accurate? Do they conform to accounting standards? The audit, along with the resulting audit opinion, helps readers and users of financial statements answer those questions. But the audit is not a “gold seal” guaranteeing that the financial statements are free from all errors. This Insights for the Investment Community explains what the auditor does, what the auditor does not do, and how to better understand the audit opinion.