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Definition of Auditing
According to International Standard on Auditing (ISA) objective and common principles governing an audit of financial statements, the purpose of a financial statements audit is to allow the auditor to state an opinion whether the financial statements are ready, in all material respects, in accordance with a recognized financial reporting framework.
The phrases employed to state the auditor’s opinion is “give a true and fair vision” or “present moderately, in all substance respects,” that are equivalent terms. A similar objective exerts to the audit of financial or other information arranged in accordance with suitable criteria.
The independent examination of an expression of opinion on, the financial statements of an endeavour by an appointed auditor in pursuance of that appointment and in compliance with any related statutory compulsion.
Following three frameworks/ concepts are an integral part of the ‘world of auditing' which may be used by auditors throughout their audit engagements. (i) Overview of the audit
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The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international stand
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