The rights and duties of auditors
ID:CVRDA
Video Overview
In order to achieve international harmonisation of financial statements, a universal set of rules need to exist and be applied globally when preparing financial statements. These rules are in the form of International Financial Reporting Standards known as IFRSs. The management of a company is responsible for the preparation and presentation of financial statements. Various users of financial statements rely on these to truly reflect the financial performance and position of the business in order to make sound economic decisions. The problem lies in the fact that management is not an independent party separate from the business. In order to protect the users of financial statements, an external audit is required to check that the financial statements are, in fact, correct. In this tutorial we will discuss the rights and duties of auditors.
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