The term FINANCIAL REVIEW can be summarized as an AUDIT, which is a five-letter word. An AUDIT is an independent examination of financial information of any entity, whether it is a company, government agency, or non-profit organization. It is conducted to ensure accuracy and compliance with applicable laws and regulations. The purpose of an AUDIT is to provide assurance that the financial statements are free from material misstatement and are presented fairly in accordance with the applicable financial reporting framework.