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Audit

Audit

Auditing is one of the main roles of the Certified Public Accountant . The CPA audits the financial statements of companies / firms and expresses his opinion on their adequacy. The CPA is committed by law to conduct the audit in accordance with the generally accepted auditing standards in Israel. Auditing has become a binding standard. The financial statements are used not only by the firm’s owners but also by external entities, banks, outside investors and the like, that rely on the professional and independent opinion of the auditor.

The objective of the audit as defined by the Institute of Certified Public Accountants:
“The purpose of the audit is to enable the auditor to express his opinion whether the financial statements represent properly, in accordance with generally accepted accounting principles, in all material aspects, the financial position of the audited entity, the results of its operations, the changes in shareholders’ equity and its cash flow”

In other words, the purpose of the audit is to provide an external and independent review of Company’s financial statements.
When the financial statements properly represent the financial position of the company at the end of the year reported, as well as the Company’s operating results and changes in equity in accordance with Israeli general accepted accounting principles, the opinion of the accountant is actually a “smooth opinion”.

The financial statements, although being reviewed and signed by the auditor, are not his responsibility. Preparation and formulation of the statements are in any case the responsibility of the Board of Directors and the management of the audited entity and the auditor’s responsibility is to express an opinion on the audited financial statements. Audit of the financial statements does not relieve the Board of Directors and the management of the audited entity from their responsibilities.


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