Final answer:
The audit report represents the '"End product" of the financial statement audit', providing an independent auditor's opinion on the financial statements' accuracy. It ensures stakeholders that the financial statements are presented fairly, rather than being the beginning of the audit process or reflecting management's opinion.
Step-by-step explanation:
The audit report represents the "End product" of the financial statement audit. This report is an official document resulting from an audit process, which is conducted by an independent body to evaluate and express an opinion on the financial statements of an organization. The goal of an audit report is to provide assurance to stakeholders, including shareholders and potential investors, that the financial statements of an organization are free from material misstatement and are presented fairly in accordance with the applicable financial reporting framework.
Contrary to being the beginning of the audit process or reflecting management's opinion, the audit report showcases the conclusions of the auditors after a thorough examination of the company's financial records and practices. It is important to distinguish fact from opinion; the audit report is based on facts and evidence gathered during the audit, not just on opinions. The report contains the auditor's opinion which can affirm that the financial statements give a true and fair view of the company's financial condition.