What is Audit Balance Sheet and why it is important?

Audit of balance sheets is a process where the evaluation for scrutiny the accuracy of the information of the concerned company can take place which undergoes multiple checks as auditors based upon the basis of the supporting document.

The following parameters have to be taken into account while auditing the balance sheet by

the auditors.

1. Maintenance of sufficient adequacy of Provisions and Reserves: The auditor is responsible for looking into the status of credit extended by the firm to its suppliers and customers while conducting balance sheet audits. Through this process an auditor determines whether provisions set aside by the company for bad debts are sufficient. Auditors also assist in determining a company's policies for depreciation and other losses are at reasonable levels or not ...

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