Difference between Audit Report and Audit Certificate

Audit Report and Audit Certificate are both important documents used in the auditing process.

The main difference is an audit report is a document that contains the findings and conclusions of an audit while an audit certificate is a document that certifies that an audit has been conducted and the financial statements are true and fair.

Before we move to the differences, let’s understand what are Audit Report and Audit Certificate:

• Audit Report: An Audit Report is a written document that contains the findings, conclusions, and recommendations of an independent auditor.
• Audit Certificate: An Audit Certificate is a document issued by an auditor that confirms that an audit has been conducted and the financial statements are true and fair.

Now, let’s move to Audit Report vs Audit Certificate:

Major differences between Audit Report and Audit Certificate

Audit Report	Audit Certificate
An Audit Report is a detailed document.	An Audit Certificate is a brief document.
An Audit Report is intended for management and stakeholders.	An Audit Certificate is intended for regulatory authorities and banks.
An Audit Report includes the auditor’s opinion on the financial statements.	An Audit Certificate only certifies that an audit has been conducted.
An Audit Report is issued after the audit is complete.	An Audit Certificate is issued at the end of the audit process.
An Audit Report is a document that includes the auditor’s findings and conclusions.	An Audit Certificate is a document that certifies that an audit has been conducted.

 

That’s it.

Note that sometimes, the question might also be asked as “distinguish between Audit Report and Audit Certificate”.

Also see:

• Difference between Core Type Transformer and Shell Type Transformer
• Difference between Market Activity and Non-Market Activity
• Difference between Share Certificate and Share Warrant

Final words

Audit Report and Audit Certificate are both important documents used in the auditing process, but they are different.

It’s important for companies to understand the difference between these documents in order to be compliant with regulatory requirements and to make well-informed decisions.

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