vii. Audits, Reporting & Controls

Audits, reporting, and controls provide independent verification of financial and operational information. These mechanisms ensure accuracy, accountability, and compliance, supporting trust among investors, lenders, regulators, and other stakeholders.

Audit Opinion

A formal conclusion issued by an independent auditor regarding the accuracy and fairness of financial statements.

Audit Scope

The defined boundaries, period, and areas reviewed during an audit engagement.

Compliance Reporting

Required disclosures demonstrating adherence to legal, regulatory, or contractual obligations.

Control Framework

A structured set of policies and procedures designed to manage risk and ensure reliable reporting.

External Audit

An independent examination of financial statements or controls conducted by a third party.

Internal Audit

An internal review process evaluating risk management, controls, and governance practices.

Material Weakness

A deficiency in internal controls that creates a reasonable possibility of material misstatement.

Reporting Standard

A formal guideline governing how financial or operational information must be presented.

Transparency

The degree to which information is clear, accessible, and understandable to stakeholders.

Verification Process

Procedures used to confirm that reported information is accurate and supported by evidence.