To summarise, an auditor:
• Conducts an audit in accordance with the Australian Auditing Standards
• Exercises professional judgement and maintains professional scepticism throughout the audit process
• Identifies and assesses the risks of material misstatement of the financial report, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence to provide a basis for an opinion
• Obtains an understanding of internal control relevant to the audit in order to design appropriate audit procedures
• Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
• Concludes on the appropriateness of the going concern basis of accounting
• Evaluates the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events
• Communicates with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control
• Provides those charged with governance with a statement addressing compliance with relevant ethical requirements regarding independence
The Auditing and Assurance Standards Board contains a more comprehensive list of an auditor’s responsibilities here
To find out more about what an auditor does or how we may be able to assist your organisation, please feel free to contact us.
