The main purpose of an audit is to guarantee the confidence of the users of the Financial Statements, for this the Auditor designs and applies audit procedures that allow him to acquire sufficient and appropriate evidence to obtain reasonable conclusions. To issue an independent opinion on the presentation of the figures shown in the Financial Statements, therefore, the Auditor is the professional who has the experience to conduct the review and independently examine the Financial Statements of each entity that contracts its services.
The Requisites
To carry out the audit procedures in the review of the Financial Statements, the Auditor uses the International Auditing Standards (ISA) as a frame of reference, which detail the requirements and responsibilities of the Auditor to carry out the accounting review, as well as It defines the professional qualities of the Auditor to carry out his work and also includes and guides the structure of the reports he presents at the conclusion of his review.
The Indication
It is important to indicate that an audit in accordance with the International Standards on Auditing conducted on the condition that the administration of the entity to be reviewed, recognizes its responsibilities. Over this the conduct of an audit is based. These responsibilities include the preparation and presentation of the Financial Statements in accordance with an applicable reference framework. It also includes compliance with organizational development and compliance with the application of an internal control system to facilitate the preparation and presentation of the values shown in the Financial Statements. It is so that the accounting information is reviewed is free of important errors. On the other hand, the administration must provide the auditor with access to all the information deemed relevant in relation to the Financial Statements, as well as to meet the requirements to provide additional information that is required for audit purposes. The accounting auditing and bookkeeping services are now available from the private services as well
There are benefits for the investors, the owners, the administration and in general for all the users of the Financial Statements when contracting the audit services, among the benefits we can mention the following:
- Provide organizations with the necessary means to comply with legal or credit requirements.
- Provide reliable information about the audited entity for decision making.
- Determine the correct application of taxes.
- To implement internal control policies and procedures
- Detect fraud or errors in the preparation and presentation of the Financial Statements
- Know the returns and the financial situation of the company
- Generate transparency and certainty in the use of resources
- Help to select and apply important accounting policies
- Protect for the interests of shareholders and creditors
The work of the Auditor is a professional, specialized, trustworthy job and it is his responsibility to issue an independent opinion on the Financial Statements at the end of each accounting period based on his audit, as it is the responsibility of the Management of the audited entity, work in the compliance and strengthening of the control systems used, and in the implementation of the necessary controls to comply with the laws that regulate the business activity to which they are dedicated.
