Advanced English Dialogue for Business – Complete audit

Listen to a Business English Dialogue About Complete audit

Ava: Hi Sophia, do you know what a complete audit involves in business?

Sophia: Hi Ava, yes, a complete audit is a thorough examination of a company’s financial records, transactions, and internal controls by an independent auditor.

Ava: That’s right. It’s done to ensure accuracy, compliance with regulations, and to provide assurance to stakeholders about the company’s financial health.

Sophia: Absolutely, Ava. A complete audit involves scrutinizing all aspects of a company’s finances, including income statements, balance sheets, and cash flow statements.

Ava: Yes, and it also includes assessing the company’s internal controls and risk management processes to identify any areas for improvement.

Sophia: Right, Ava. The goal of a complete audit is to provide stakeholders with confidence in the reliability and accuracy of the company’s financial reporting.

Ava: Exactly, Sophia. It’s an essential process for maintaining transparency and accountability in business operations.

Sophia: Indeed, Ava. Companies often undergo complete audits annually or as required by regulatory bodies to ensure compliance and maintain trust with investors and other stakeholders.

Ava: That’s correct. And the findings of a complete audit can also help management make informed decisions to improve the company’s financial performance.

Sophia: Absolutely, Ava. The audit report provides valuable insights that can be used to enhance internal controls and mitigate financial risks.

Ava: Right, Sophia. So, have you ever been involved in the complete audit process within a company?

Sophia: Yes, I have. It can be a rigorous process, but it’s essential for ensuring transparency and building trust among stakeholders.

Ava: I agree, Sophia. Thanks for sharing your experience and insights on complete audits. It’s a critical aspect of business finance.