ABSTRACT
Financial Auditing is an independent and objective evaluation of an organization's financial reports and the processes that produce those reports. Financial auditors use many of the same techniques that internal auditors use to determine if the financial reporting process is working effectively and the controls needed to produce reliable financial statements are in place and working as intended. External auditors' goal is to be able to render an opinion on the quality of the financial statements and the processes and controls that were instrumental in their preparation. Standards for fieldwork require auditors to obtain sufficient and competent evidence to support the opinion given. This evidence is related to the management assertions contained in financial statement components. Financial statements are reports about an organization's financial results, condition, and cash flows. Another important aspect of financial auditing is the use of ratios.
