The value that Audit services bring to companies is clear to us. With the highest standards of independence, quality and rigor in the review of annual accounts, we not only improve the quality of operational and financial information, but also help anticipate and manage risks and opportunities for our clients.

The essential role of the auditor

An auditor is an authorised person that reviews and verifies the accuracy of financial records and ensures that companies comply with relevant legislation. 

The auditor’s opinion basically makes or breaks the reliability of the financial statements and the information they provide. Audited financial statements have an extremely high degree of reliability and validity in comparison with unaudited statements.

Who is an auditor

In simple terms, an auditor is an individual who is appointed to inspect the books of accounts of a company, the validity and accuracy of the transactions contained therein. They also form an opinion on the overall view of the financial statements, whether the statements depict a true and fair view of the entity’s financial position.

Duties of the auditor

An audit report, in simple terms, is an appraisal of a business’s financial position. The auditor is responsible for preparing an audit report based on the financial statements of the company.

In addition to this, it is imperative that they ensure the entity’s financial statements depict a true and fair view of the company’s financial position.

The auditor’s report has a high degree of assurance and reliability because it contains the auditor’s opinion on the financial statements. Where the auditor feels that the statements do not depict a true and fair view of the financial position of the business, they are also entitled to form an adverse opinion on the same.

Additionally, where the auditor finds that they are dissatisfied with the information provided and find that they cannot express a proper opinion on the statements, they will issue a disclaimer of opinion. A disclaimer of opinion basically indicates that due to the lack of information available, the financial status of the entity cannot be determined. However, it is to be noted that the reasons for such negative opinion is also to be specified in the report.

Auditing standards are issued by each individual jurisdiction. These standards are designed to aid the auditor in performing his audit duties with relevant ease and accuracy. It is the duty of the auditor to comply with the standards while performing their duties as this increases efficiency comparatively.

Generally, in the course of performing their duties, the auditor may have certain suspicions with regard to fraud that’s taking place within the company, certain situations where the financial statements and the figures contained therein don’t quite add up.

It can be seen that the duties of the auditor are pretty diverse, it has an all-round and far-reaching impact. The level of assurance provided by a set of audited financial statements is comparatively far higher as compared to regular unaudited financial statements.