Auditing is an independent examination of the financial statements of an enterprise to help an auditor reach a conclusion and to give his opinion in regard to his/ her findings while examining the financial records.
The auditor will give his opinion depending on the findings. Where one finds that the financial records were prepared in accordance to the provisions of the Accounting standards and other laws of the land, he will issue an unqualified report and where he finds alot lacking, a qualified report will be issued which implies that he or she is not agreeing with the firm's internal control systems.
The auditor is expected to be independent of the client firm for his or her report to be relied upon by the users of the audited financial statements otherwise their opinion may not be relied upon.
The auditor will give his opinion depending on the findings. Where one finds that the financial records were prepared in accordance to the provisions of the Accounting standards and other laws of the land, he will issue an unqualified report and where he finds alot lacking, a qualified report will be issued which implies that he or she is not agreeing with the firm's internal control systems.
The auditor is expected to be independent of the client firm for his or her report to be relied upon by the users of the audited financial statements otherwise their opinion may not be relied upon.