DEFINITION OF AUDITING


The explanatory foreword to the ISA International Standards on Auditing describes audit as the independent examination of and expression of an opinion on the financial statements of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with any relevant statutory obligation. The purpose of an audit is not to provide additional information but rather it is intended to provide the users of the accounts with assurance that the information provided/presented to them is reliable.

The word ‘audit’ when used will mean the independent investigation into the quality of published accounting information.