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30TH APRIL , 2009

The scope , conduct and nature of auditing


Auditing is the process of evaluating the financial statements of a business . Audits of financial statements are required by the law for the purpose of presenting the true and fair view of a business financial position (Arrington et al 1985 , pp . 1-2 . Different audit procedures are found for different countries . The describes two types of audits statutory audits and forensic accounting investigation . These two audits are different in different

ways as described in the Traditionally , audits were mainly associated with gaining information about financial systems and the financial records of a company or a business

The historical role of the audit of financial reports

The historical role of audit is to add credibility to the organizations management . The financial statements are fairly represented in relation to the organizations position and performance to the interested parties The audit of financial statements ensures that the possibility of a material misstatement is reduced . Financial reports are expected to be fairly presented and in conformity with generally accepted accounting principles . According to Aranya et al (1975 , pp . 854-856 ) the audit of financial statements ensure that the business adheres to legal statutes where the reports are necessary for investment , financing and tax purposes . The audit provides an audit report which has an unqualified or qualified opinion on the audit of the financial statements as to its fairness and accuracy . It is a legal requirement that audit...

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