What is Audit
The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.
“True and fair view which is expression of reasonable assurance”
True – Information is factual and conforms with reality, not false. In addition the information conforms with required standards and law. The accounts have been correctly extracted from books and records.
Fair- Information is free from discrimination and bias in compliance with expected standards and rules. The accounts should reflect the commercial substance if the company’s underlying transaction.
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