Proprietary Audit
A proprietary audit, also known as a statutory audit or external audit, is an independent examination of a company’s financial records, accounts, and financial statements conducted by an impartial and qualified external auditor. In a proprietary audit, the objective is to assess the company’s financial position, performance, and compliance with applicable accounting standards.
In this detailed description of proprietary audits, we will discuss their objectives, scope, process, importance, and benefits, as well as the role of auditors.