QUESTION (20 marks)
According to the International Standard on Auditing: “The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatements, whether caused by error of fraud”.
REQUIRED:
Discuss the above statement with respect to the responsibilities of the professional auditor as well as the responsibilities of the Directors in an organisation in the context of the background information provided (refer to source) and with reference to ethical, professional and legal requirements.
Answers on Questions on Auditing
Answer 1: The role of auditor is crucial in an organisation because they are responsible for identifying any fraudulent transaction in the books of account so that the users of such financial statements can rely on them in their decision making process. An auditor is responsible for evaluating the books of accounts and checking all the transactions against any kind of irregularities in them.
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