The primary purpose of auditing financial accounting data is to determine whether the recorded information reflects the economic events in a proper way or not. These events are those that have occurred in the account period. A financial audit in the domain of finance is done to form an opinion whether the financial statements that are stated, are coherence with the criteria which is specified or not.
Finance is a very vast field, which primarily concerns itself with the flow of cash through different channels within the organizations and outside the companies/organizations. Finance can be considered as the backbone of a company’s financial matters.
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