reaudited

Reaudited refers to the status of an audit process or financial statements that have undergone a second, independent examination after an initial audit. In practice, a re-audit is performed to verify prior findings, correct material misstatements, incorporate changes in accounting policies, or respond to new regulatory, standard-setting, or stakeholder requirements. The term can apply to the audit of financial statements for a reporting period, or to specific components such as internal controls over financial reporting.

A re-audit may be conducted by the same external auditor or by a different firm. The scope and procedures are determined by the reasons for the re-audit and by applicable auditing standards. The process typically involves revisiting underlying records, recalculating figures, reapplying accounting policies, and reevaluating internal controls and risk assessments. The result can be a revised auditor's opinion, an updated set of financial statements, or documentation of reasons for not relying on previous conclusions. In some cases, a re-audit accompanies a restatement of financial statements, but the two are distinct: a restatement changes previously issued financial statements, while a re-audit is the audit process verifying findings or updates.

Reaudits are more common in contexts where accuracy is critical for compliance or investor confidence, such as public companies, regulatory filings, or complex financial arrangements. They involve additional time and cost and may affect the timeline of reporting.