ISA 200: Overall objectives of the independent auditor and the conduct of an audit in accordance with International Standards on Auditing, the objectives of the auditor, per ISA 200 are:
- to obtain reasonable assurance about whether the financial statements as awhole are free from material misstatement, whether due to fraud or error. Thisallows the auditor to give an opinion on whether the financial statements have
- been prepared in accordance with the applicable financial reporting framework. to report on the financial statements, and communicate as required by the ISAs,in accordance with the auditor’s findings.
Where the auditor is unable to obtain reasonable assurance and a qualified opinion is insufficient, the auditor must disclaim an opinion or resign. The different types of opinions are covered in a later chapter. ISA 200 requires the auditor to:
- comply with all ISAs relevant to the audit
- comply with relevant ethical requirements
- plan and perform an audit with professional skepticism
- exercise professional judgement in planning and performing an audit
- obtain sufficient and appropriate audit evidence to allow him to obtain reasonable assurance