Question

the main objective of auditing is detection and prevention of errors and fraud. comment

Answer 1

Prevention of Errors and Fraud

After the completion of audit, the Auditor can suggest his client to make changes in the accounting systems and also to improve his internal control system as an Auditor cannot do anything directly to prevent errors and frauds.

Answer 2

Objectives of Auditing:

Explanation:

• The fundamental target of examining is to guarantee the monetary dependability of any association; recognition of extortion is only a coincidental item.

• Free assessment and judgment structure the targets of examining. The occupation of an Auditor is to guarantee that the books of records are continued to accord to the guidelines specified in the Companies Act; an Auditor likewise needs to guarantee whether the books of records show a valid and fair perspective on the situation of the organization or not.

• After the fruition of review, the Auditor can recommend his client to make changes in the bookkeeping frameworks and furthermore to further develop his inward control framework as an Auditor can do nothing straightforwardly to forestall blunders and fakes.