QUESTION  

According to the International Standard on Auditing: "The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatements, whether caused by error of fraud". 

REQUIRED: Discuss the above statement with respect to the responsibilities of the professional auditor as well as the responsibilities of the Directors in an organization in the context of the background information provided (refer to source) and with reference to ethical, professional and legal requirements. 

 

Answer rating: 100% (QA)

The International Standard on Auditing emphasizes the responsibility of the auditor to plan and perform the audit in a manner that provides reasonable assurance about the absence of material misstatem... View the full answer