Financial Attestation Audit is concerned with expression of audit opinion on a set of financial statements. Financial Attestation Audit is required to be carried out to reduce the possibility of the material misstatement in a financial statement and thereby, provide credibility to such a statement. The Financial Attest Audit Manual 2009 (FAAM) of Indian Audit & Accounts Department lays down the framework for the process of Financial Attest Audit within the Indian Audit and Accounts Department.

The audit of Bodies and Authorities is governed by the provisions of section 19(2), 19(3) and 20 of the DPC Act, 1971. In addition, Sec 143(5) of the Companies Act 2013 provides the authority for the audit of CPSEs and Statutory Corporations.

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