What is the difference between a financial audit and a financial review?

What is the difference between a financial audit and a financial review Introduction: The Significance of Financial Assessments Hello everyone! In the world of finance, ensuring accuracy and transparency is paramount. This is where financial assessments come into play. Today, we'll explore two such assessments - financial audits and financial reviews. While they may sound similar, they have distinct purposes and methodologies. Let's delve deeper! Financial Audits: A Comprehensive Examination A financial audit is an in-depth and meticulous examination of a company's financial records, transactions, and statements. It is conducted by an independent auditor, often a Certified Public Accountant (CPA). The objective? To provide an unbiased opinion on the financial health, accuracy, and compliance of the company's records. Audits involve extensive testing, verification, and analysis, ensuring adherence to accounting principles and legal requirements. The Core Elements of a Financial Audit