Preface
Role of audit
Since its introduction, the need for certain companies’ financial statements to be audited by an independent external auditor has been a cornerstone of confidence in the world’s financial systems.
The benefit of an audit is that it provides assurance that management has presented a ‘true and fair’ view of a company’s financial performance and position. An audit underpins the trust and obligation of stewardship between those who manage a company and those who own it or otherwise have a need for a ‘true and fair’ view, the stakeholders.
Given the importance of its role, queries are often raised about the audit, the auditors and the stakeholders they serve. This publication aims to provide useful background information on what a financial statement audit is and the role of the auditor.