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According to Accounting Standards 200 (SA 200), basic principles of auditing or the basic principles governing an audit describe the basic principles which govern the auditor’s professional responsibilities which must be duly followed by an auditor while carrying out an audit. This piece of information is an overview of the basic principles which govern the auditing responsibilities undertaken by an auditor. According to SA 200 the basic principles which govern an audit are:
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According to SA 200, following are the basic principles of auditing:
Another important principle to be kept in mind is the independence of the auditor. An auditor should not have any interest in the organisation being audited as it will hamper in the auditor being independent and impartial during the audit cycle. There should not be any existence of conflict of interests.
After completing the audit, the auditor gives his opinion through an audit report. A clean audit indicates that the auditor does not find financial irregularities in the accounts. The auditor believes that the books represent a true and fair reflection of financial status of an organisation. However, the auditor may provide an adverse or qualified report with a disclaimer if he finds financial irregularities and frauds in the financial accounts.
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