Tag: Supplementary Financial Reports

Definition An audit trail, in the context of financial reports, refers to the chronological record of all the transactions, processes and financial data that provide documentary evidence of the steps taken in a financial reporting process. It includes all the documentation, records and logs that allow an auditor to trace the financial data back to its origin, ensuring accuracy, transparency and compliance with regulatory standards. Audit trails are essential for both internal controls and external audits, providing a way to verify the validity of financial information.

Definition Financial data encompasses quantitative information related to financial transactions, market activities and the financial status of entities. It serves as the backbone for financial analysis, investment decision-making and regulatory compliance. This data includes, but is not limited to, balance sheets, income statements, cash flow statements and market price information. Accurate and timely financial data is crucial for investors, analysts and regulators to evaluate a company’s performance, assess market conditions and make informed decisions.