company audit

A report prepared by a registered auditor on the state of a company's accounts. An audit is designed to obtain an independent opinion as to whether the accounts have been prepared properly, and whether the annual accounts represent a fair view of the financial position of the company, and safeguard the interests of shareholders. An audit must be filed annually with Companies House.

Usage: The audit represented a fair view of the company's accounts.

Related Words: public company; private company; auditors; annual accounts; annual returns.