Principles of auditing ppt

In short, all communications the auditors have made during the course of an audit have to be documented, and all the reported information should be truthful, timely, reasonable, clear, and complete

Auditors must show due professional care in light of the importance of the audit tasks they are undertaking

With the increase in the size of the companies and the volume of transactions the objective of audit shifted and audit was expected to ascertain whether the accounts were true and fair rather than detection of errors and frauds