An audit report is an appraisal of a small business's complete financial status. An independent accounting professional complete this. Audit Report document covers a company's assets and liabilities, and presents the auditor's educated assessment of the Companies financial position and future.
An audit of a company and financial statements is the final result and report where the accountant or auditor is free to share their opinion about the validity and reliability of a company's financial statements.
In his report, the auditor shows a true picture of the company and their financial statements. The auditor should also state their connection with the financial statements, and whether they are externally or internally connected to the company.