From the course: Preparing for an Audit
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The big picture of an audit
- Companies subject to an independent audit are hoping that an independent third-party, the auditor, will issue an unqualified audit opinion. And that means that the financial statements of the company fairly reflect what's going on at that company. But there are a few big goals that you should keep in mind when it comes to audit. The three audit goals from the perspective of the auditor are, first, to ensure that the financial business processes and operational details of the company being audited are proper. Second, to make sure that, according to the AICPA, an unqualified or clean audit opinion reflects that the financial statements present fairly and that they fairly represent the state of the business. Third, the auditor needs to ensure the highest levels of due professional care and evaluation standards when working with publicly traded companies. So there you have it. On the one hand, the company being audited…
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