Explain why financial audit is necessary in libraries
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The fundamental purpose of the audit is to provide independent assurance that management has, in its financial statements, presented a “true and fair” view of a company's financial performance and position.
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Financial audit establishes credibility of an institution.
Financial audits are necessary for libraries as they help the library to relate budgets and strategic planning to its vision, mission, goals, and objectives.
The audit provides with an analysis of various budget strategies and offers expert guidance on modifying budgets for windfalls and shortfalls.
It looks at a variety of funding sources, from tax revenue to gifts and donations, and presents sound strategies for including them when projecting income and expenses.
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