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Are audits required by law?

Publicly traded companies are required by law in the United States and most other jurisdictions to undergo annual financial audits. Are Public Companies Required to be Audited? - ZenGRC from Reciprocity reciprocity.com resources are-public-compani reciprocity.com resources are-public-compani

Who is responsible for auditing financial statements?

The auditor is responsible for expressing an opinion indicating that reasonable assurance has been obtained that the financial statements as a whole are free from material misstatement, whether due to fraud or error, and that they are fairly presented in ance with the relevant accounting standards (e.g., Understanding a financial statement audit - PwC pwc.com services Assurance pwc-unde pwc.com services Assurance pwc-unde

What government entity requires an independent audit?

The Single Audit Act requires an annual audit of non-Federal entities, including Tribes, that expend $750,000 or more of Federal Financial Assistance in a fiscal year.

Who is required to audit financial statements?

An audited financial statement is any financial statement that a certified public accountant (CPA) has audited. When a CPA audits a financial statement, they will ensure the statement adheres to general accounting principles and auditing standards. All About Audited Financial Statements - Business.com business.com audited-financial-statement business.com audited-financial-statement

What triggers a government audit?

The audit may be required by law. If an issue or program is of interest to Congress, the Secretary of Commerce, or the current administration, they may ask us to perform an audit.

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