Tilintunnistus

Tilintunnistus, often translated as "audit" or "accounting verification," is a process of examining and evaluating financial statements and records of an organization. The primary objective is to ensure accuracy, compliance with relevant regulations and accounting standards, and to provide an independent opinion on the fairness of the financial reporting. This process is typically carried out by qualified auditors, either internal or external to the organization.

Internal audits are conducted by employees of the organization and focus on evaluating internal controls, operational efficiency, and compliance with company policies. External audits are performed by independent accounting firms and are primarily concerned with expressing an opinion on whether the financial statements present a true and fair view of the company's financial position and performance. These audits are often a legal requirement for publicly traded companies and are crucial for building trust with investors, creditors, and other stakeholders.

The audit process generally involves planning, risk assessment, testing of internal controls, substantive testing of financial data, and the issuance of an audit report. The audit report communicates the auditor's findings and opinion to the users of the financial statements. A clean audit opinion signifies that the financial statements are free from material misstatement. Conversely, a qualified or adverse opinion indicates significant issues with the financial reporting.