From the course: The Future of Audit
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Independent audit goals
- When I think about the future of audit, I'm reminded of the French phrase (speaks in foreign language). And that means the more things change, the more they remain the same. And so it's likened to be with the most important cornerstones of audit. First of all, the main goal of an audit is likely to remain the same to make sure the financial, business processes, and operational details of the company you're auditing are proper and disclose the things that don't look right according to the AICPA, that means that the financial statements present fairly and that they fairly represent the business. Also independent audits of publicly traded companies are likely to require the highest levels of due professional care and evaluation standards set by multiple oversight bodies. And of course, there's one other big thing about audit that's unlikely to change, and that's the evaluation of the four critical financial statements…
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