Question

“Detection and prevention of errors and frauds are not the main objects of

auditing.” Discuss.​

Answer 1

this is discuss as in different ways

Answer 2

The detection and prevention of errors is not the main objective of auditing, but it is to represent the true nature of financial statements.

• Auditing is the process of formal inspection of an enterprise's financial statements.
• The prime objective of an audit is to shape an informed opinion about the audited entity's financial statements.
• The opinion includes whether the reports have an accurate and fair view and have been adequately prepared according to accounting principles.
• After the completion of audit, the auditor can suggest improvements in the accounting system to fix the errors.