endurskoðaðir

Endurskoðaðir is an Icelandic term used in accounting and corporate reporting to describe financial statements or accounts that have undergone a re-audit, i.e., an additional or second audit performed by an independent auditor after the initial audit. Re-audits are typically requested when the initial statements contain material misstatements, when accounting policies or estimates are restated, or when regulatory, contractual, or governance requirements call for renewed assurance. The scope of a re-audit may involve the entire financial statements or specific areas identified as misstated or uncertain, and it may be conducted by the same auditing firm or by a different one.

During a re-audit, the auditor applies standard auditing procedures, including reassessing risk, testing transactions, evaluating internal controls, and validating restated figures. The auditor then issues an updated audit report or an addendum to the earlier report, indicating whether the statements are fairly presented in accordance with the applicable financial reporting framework and whether any material misstatements remain. Endurskoðaðir statements are intended to increase reliability for investors, lenders, and regulators and may influence financial ratios and managerial decisions.

Usage and context: The term is commonly attached to phrases like endurskoðaðir ársreikningar (re-audited annual financial statements) in Icelandic business contexts. It denotes a post-audit verification process that corrects or confirms prior conclusions, rather than the initial audit activity. The concept is part of broader governance and reporting practices aimed at ensuring accuracy and transparency in financial information.