Auditors should keep in mind audit objectives at the time of the Examination of financial statements and finalizing the Current market price of the Assets
They are variable basis types of Audit
What are the Objectives of an Audit?
Auditing - Overview, Importance, Types, and Accounting Standards Auditing typically refers to financial statement audits or an objective examination and evaluation of a company’s financial statements Corporate Finance Institute Menu All Courses Certification Programs Compare Certifications FMVA®Financial Modeling & Valuation Analyst
What Is Auditing? Auditing is defined as the on-site verification activity, such as :,inspection or examination, of a process or quality system, to ensure compliance to requirements
An audit can apply to an entire organization or might be specific to a function, process, or production step
The information here is excerpted from “Engagement Planning: Establishing Objectives and Scope,” an IIA practice guide available to IIA members with more information on the process
Internal auditors should have a complete understanding of the relevant standards before undertaking the task of establishing an audit’s objectives and scope
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements
