Audit objectives are a statement of the purpose and outcome of an audit. They should be well-defined and achievable. Depending on the nature of the organization, they may need to be reviewed periodically. If necessary, they can be expanded.
Audit objectives are usually designed to inform and advise an organization, its managers, and stakeholders. They should not disrupt the flow of business activities. Ideally, they should be shared. This can be done through various media such as posters, email, and virtual meetings.
An objective should be based on the organization’s policies and laws, as well as on relevant legislation. It should also be realistic. For instance, the audit objective of a Crown corporation might be to determine if management has a system for efficient operations in hospital emergency departments.
Auditing is a process whereby a professional auditor examines financial records and supporting documents in order to determine whether they are free from material misstatements. In addition to examining the financial statements, the auditor may also look for fraud.
Auditing involves several stages, including the planning stage, the fieldwork, and the follow-up work. During each phase, it is important to involve the client in the process. The information collected should be documented and compiled. Once the audit project is complete, it should be prepared and issued in a timely manner.
Auditing provides assurance to investors that the financial statements are accurate. In addition, it guarantees the integrity of the accounting records.
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