To obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework and
Objectives of an auditĪccording to ISA (UK and Ireland) 200, the overall objectives of an auditor are: In particular, it should be noted that most professional firms will have their own audit methodology that builds on the basic auditing standards as issued by the Auditing Practices Board. This note is an introduction only and is written on the assumption that users will seek guidance from their audit colleagues on the methodology to be adopted for the audit work required. This guidance note is intended to give an overview of some of the key issues when undertaking audit work. Tax professionals will often be asked to provide input into the financial statement work undertaken by audit professionals.
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