Friday, June 2, 2017

OBJECTIVES OF AUDITING

OBJECTIVES OF AUDITING
The objectives of any audit assignment can be categorized into two: i. Primary ii. Subsidiary objective
a)     Primary Objective: The primary objective of auditing is to obtain auditors professional opinion on the financial statement examined by him
b)    Subsidiary Objectives: The auditor's subsidiary objectives are as follows:
                                            i.      To prevent error and fraud by deterrent and moral effect of the audit.
                                          ii.      To detect error and fraud, see the case of Hedley Byme and Co Ltd V Heller and Partners (1963) and Apfel V. Annan Dexter and Co (1929).
                                        iii.      To provide spin off effects. The auditor will be able to assist the client with the accounting system taxation and other problems. 
                                       iv.      To assist the management in the establishment of effective auditing system.
                                         v.      To ascertain and ensure that an enterprise conform to a statutory and professional requirements.

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