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THE GENERAL AUDIT ENVIRONMENT | Download for quality grades |

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Auditing Is defined as independent examination of books of accounts and vouchers of the business by an appointed independent auditor with a view to forming an opinion as to whether a) Proper books of accounts have be ...

Auditing Is defined as independent examination of books of accounts and vouchers of the business by an appointed independent auditor with a view to forming an opinion as to whether a) Proper books of accounts have been maintained. b) The books of accounts are in agreement with the Financial statements. c) Sound accounting policies have been followed in the preparation and presentation of the financial statements. d) The financial statements prepared i.e. Balance sheet, profit and loss accounts and cash flow statements reveal a true and fair view of the state of affairs as at the year end and that they to comply with the company’s act requirements Cap 486. The above definition can be analyzed as follows: 1 Independent examination : This means that an auditor must be independent of those parties who have interest in the affairs of the company i.e. free from influence. This independence is important to ensure that auditors express unbiased opinion. Auditors independence can either be:  Independence of mind/independence of facts  Independence of appearance Independence of mind means auditors state of mind which enables them to report or act without influence by the interested parties. Independence of appearance refers to how users view/ perceive the auditor as being free from influence by interested parties. This enables users to conclude that the opinion of auditors was not given under influence. The auditor must not only be independent but must also appear to be independent. 2 Accounts agree means the information in the final accounts reflects in the books original entries i.e. there is consistency. 3 Sound accounting policies means that accounts are prepared in accordance to the International standards and complies with identified reporting framework i.e. International accounting standards. Page 1 of 25 kyengo kca university audit note sect 4 4 True and fair view means that accounts are correct, reasonable and are not misleading in any way. The term true relates to the P& L account items which Are supposed to be correct in all aspects. The term fair relates to balance sheet Items which should be fairly presented to users of financial statements. OBJECTIVES OF AN AUDIT

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