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 What is an Audit?

An audit is an independent review of a company’s financial statements that allows an auditor to disclose
Comment on whether the financial statements (in all respects) have been prepared according to a
recognized and accepted financial statement structures (such as international or local accounting standards and
national law).

This audit perspective is reflected in ISA 200 and the General Principles Governing Financial Audit
Report. phrases used; “expressing the auditor’s opinion” means that the financial statements are true and fair
All material matters observed or reasonably presented.

True and fair presentation means that financial statements are prepared and issued accordingly
applicable International Financial Reporting Standards (IFRS) and local Statement/Law.
From the above definition and interpretation we can understand as the essential aspects of auditing
as follows:

An auditor is involved in reviewing the financial statements, and the auditor is not responsible
Preparation of financial statements.
The end result of the audit is a concept to help the user with the financial statements. audit
So rely not only on facts, but also on professional judgment.

Auditor’s opinion refers to “true and fair” or “fair presentations” but “true and fair”
Again a decision matter. It is not specifically mentioned to the auditor.
The user of the usage auditor’s report must have confidence in believing such statement, the
The auditor should be independent of the company. There is essentially no auditor if he is independent
Significant personal interest in the company. It allows you to achieve a goal, professional look.


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