What are the responsibilities of auditors?
A self-determining auditor’s neutral in an audit is to obtain enough capable evidential matter to remuneration a logical base for forming an view on the financial statements. In doing so, the auditor must work within economic limits; the opinion, to be economically useful, must be shaped on selected tests rather than an effort to verify all communication. Because evidence is analyzed on a test base only, an audit provides only logical assurance, quite than absolute assurance, that financial statements are free of material misstatement. Thus, there is a risk that audited financial statements might contain undiscovered matter errors or irregularities. The survival of that risk is hidden in the express in the audit report, “in my opinion.” Performance audit: Definition of Performance audit – an activity assessing the degree of economy, efficiency and effectiveness in the use of human, financial and material resources at a level of organization unit, organization, or certain actions. This
