main objective of auditing

[irfan842]

What is the main object of auditing
1. Detection of errors
2. Fairness of profit and Loss account and Balance Sheet
3.Detection of Frauds.
4.Detection and prevention of errors and frauds.

Answer given in the NTS book is Detection of Frauds(3)

But I think it is option No. 4

May be they are asking about only one main object, in that case it could be (3)

What do you think about it.

[husseych]

bhai I am ACCA student and I am currently studying F8 (audit and assurance ) and yesterday I was listening the lecture of LSBF in which tutor explained that basic purpose of Audit is to detect material misstatements (errors) and he said it is not purpose or duty of auditor to detect or investigate Frauds. considering that in mind it is 1

[dawoodahmad]

Originally Posted by irfan842

What is the main object of auditing
1. Detection of errors
2. Fairness of profit and Loss account and Balance Sheet
3.Detection of Frauds.
4.Detection and prevention of errors and frauds.

Answer given in the NTS book is Detection of Frauds(3)

But I think it is option No. 4

May be they are asking about only one main object, in that case it could be (3)

What do you think about it.

Main purpose of external audit:
2. Fairness of profit and Loss account and Balance Sheet

Main purpose of internal audit:
4.Detection and prevention of errors and frauds

Regards,
Audit Associate at PwC