The difference between the financial audits of government and the nonprofit organizations is that the focus of such audits is towards the compliance of laws and regulations related thereto.
A financial audit can be referred to or considered as an audit that ensures and verifies the authenticity and genuineness of the financial statements and records procured by the company. It is mandatory for all the accounting firms to get their statements and records duly audited at regular intervals and maintain authenticity of their records. A financial audit can only be conducted by a qualified auditor, such as a CA.
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