Objective of an audit of financial statements is to enable an auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework (e.g. International or Local Accounting Standards). The terms used to express the opinion are “give a true and fair view” or “present fairly in all material respects”.
Benefit of opinion
It improves credibility of financial statements.
What an opinion does not achieve?
It does not provide any assurance about
i) Future viability of the entity; and
ii) Efficiency or effectiveness of management.
Benefit of opinion
It improves credibility of financial statements.
What an opinion does not achieve?
It does not provide any assurance about
i) Future viability of the entity; and
ii) Efficiency or effectiveness of management.
