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The Extent of Audit Investigation Report, Opinion, Stewardship, Planning and Supervision For Audit Report and Internal Control Evaluation

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It is not sufficient for an auditor merely to compare the balance sheet and profit and loss account with the books of account. But he must also go beyond and behind the books. Errors of principle and fraud, as a rule, will not be discovered upon the surface, but will be detected only by carrying out investigations outside the actual books that are pary of the double entry system. Therefore, the auditor must use every reasonable care and precaution in order to satisfy himself that the books themselves are correct and include all transactions that should be recorded there in.

Sequel to this, the extent to which an auditor must carry his investigations is a practical question of great importance, and of necessity, it must depend largely upon the whole circumstances of each case. In a small business where there is no proper internal control, a prudent auditor will check and vouch far greater proportion of the detail transactions than he would in the case of a larger business where an efficient system of internal control was in force.

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At the end of the audit work, the auditor is expected to issue a report addressed to the owners of the enterprise. The report contains an expression of his opinion of the truth and fairness, and sometimes other aspects of the financial statements.

The auditor can only say that 'in his opinion', the financial statements show a true and fair view. The user of the financial statement would base his decision on whether or not to rely on the auditor's opinion on the knowledge of the auditor's independence, honesty and competence. The professional rules and ethics constrain the auditor to express an independent opinion on the financial statements of his client.

Stewardship entails the separation of the management of an enterprise from ownership. The directors here represent the management who are appointed by the owners to manage the business on their behalf. The process of discharging their responsibilities and the rendition of an account of their actions to the owners is called stewardship. This reporting and accounting is usually done by means of financial statements preparation and presentation.

The audit plan outlines the general strategy which includes amongst others, the work to be done and the detailed approach to be adopted. It is of great importance that an audit is planned in advance so that the audit can be controlled and directed such that attention can be focused mainly on the critical and high risk areas. Also, planning ensures the the intended means of achieving the audit objectives are clearly established. Thus, the work involved can be easily and economically completed within a reasonable time scale.

(Anichebe, 2010:4-5)

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The Extent of Audit Investigation Report, Opinion, Stewardship, Planning and Supervision For Audit Report and Internal Control Evaluation The Extent of Audit Investigation Report, Opinion, Stewardship, Planning and Supervision For Audit Report and Internal Control Evaluation Reviewed by Ikpokolo Francis on Wednesday, August 06, 2014 Rating: 5

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