a. The objectives of the independent auditor, as specified in ISA 200 are:

i. To obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework; and

ii. To report on the financial statements, and communicate as required by the ISAs, in accordance with the auditor’s findings. Where the auditor is unable to obtain reasonable assurance, and a qualified opinion is insufficient, the auditor must disclaim an opinion or resign.

b. ISA 200 requires the Independent Auditor to:

i. Comply with all ISAs relevant to the audit;

ii. Comply with relevant ethical requirements;

iii. Plan and perform an audit with professional scepticism;

iv. Exercise professional judgement in planning and performing an audit; and

v. Obtain sufficient and appropriate audit evidence to allow him to obtain reasonable assurance.

c. Roles of auditing standards in the accounting profession

i. Auditing standards provide a framework that assures audits of financial statements are conducted consistently and with a high level of quality and established standards of practice.

ii. Auditing standards offer comprehensive guidance on the audit process from planning to reporting.

iii. Auditing standards provide the benchmark against which auditors are held accountable for their work.

iv. Auditing standards help in laying the rules and the guidelines for protecting the public interest and promoting transparency.

v. The users of financial statements have confidence that the consistent application of auditing standards give assurance of the quality and integrity of the financial statements.