endurskoðað

Endurskoðað is an Icelandic term that translates to "audited" or "revised" in English. It is most commonly used in the context of financial statements and business operations. When a company's financial records are described as endurskoðað, it means they have been examined by an independent auditor to ensure accuracy and compliance with relevant accounting standards and regulations. This process is crucial for maintaining transparency and building trust with stakeholders, including investors, creditors, and regulatory bodies.

The act of auditing, or endurskoðun, involves a thorough review of a company's books, accounting policies, and internal controls. Auditors assess the financial statements to determine if they present a true and fair view of the company's financial position and performance. This can include verifying transactions, evaluating asset valuations, and confirming liabilities. The outcome of this review is typically an audit opinion, which is attached to the financial statements.

Beyond financial reporting, the term endurskoðað can also refer to a broader review or re-evaluation of any document, process, or plan. For example, a contract might be endurskoðað if its terms are being reviewed and potentially amended. Similarly, a business strategy could undergo endurskoðun to adapt to changing market conditions. In essence, endurskoðað signifies a process of scrutiny and verification, ensuring that something has been checked for accuracy, completeness, and appropriateness.