Adequate management and the ability to quickly respond to changes in a business environment are of great importance for every organisation that wishes to respond to these changes with the least negative impact on future business. In order to make right decisions regarding the achievement of objectives, enterprises aspire to establish certain systems that will provide the basis for right decision making, long-term business survival, advancement, and added value gaining. The above mentioned systems include the Internal Financial Control System, established by the European Commission with the aim to improve management in order to attain general objectives. The efficiency of the internal control systems is evaluated via Internal Audit that provides expert opinion and advice to improve the risk management process, corporate management, and business management and control. Internal Audit, internal control, and monitoring are closely connected and make an indispensable mechanism for a quality and successful functioning of a business system of an enterprise. During the Internal Audit process, the compliance audit, performance audit, system audit, and financial audit are being carried out. The financial audit examines financial reports and the entire documentation of an enterprise, with the purpose of acquiring unqualified audit opinion. Such a report is the most reliable form of informing the public on the financial position, state, and business performance of an enterprise. The analysis of the example of an audit of financial reports contained in this thesis aspires to provide the final result of the audit carried out – the independent auditor’s report.