The Objective of an External Audit

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The objective of an external audit is to enable the auditor to express an opinion on whether the financial statements are prepared in all material respects and in accordance with applicable financial reporting framework. An audit of financial statements is an example of assurance engagement.

An audit may produce by-product, for example it may provide guidance to the directors of a company as to how to run the operations of the business. Its main objective is solely to report to the shareholders of the company.

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