The Objectives of Auditing (Infographics)

What are the Objectives of Auditing?

The primary objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework and that the financial statements give “a true and fair view” or “present fairly, in all material respects” the financial results and state of affairs of the client entity. 

The Objectives of Auditing (Infographics)

Although the auditor’s opinion enhances the credibility of the financial statements, the user cannot assume that the opinion is an assurance as to the future viability of the entity nor the efficiency or effectiveness with which management has conducted the affairs of the entity.

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