There are two main objectives of auditing: Primary objective and Subsidiary objective. The primary objective of any audit is to produce a report regarding the truth and fairness of the company’s financial statements so that any users of these statements can belief in them in totality. The primary goal of the audit is to enable the auditor to just say “these statements show a true and fair view” or not.
The other objectives referred to as subsidiary include:
- To detect errors and fraud
- To prevent errors and fraud
- To provide spin off effects and services such accounting, taxation and others