Audit Principles

Audit Principles

1. Audit Principles

2. Accountability Integrity Objectivity and Independence Competence Rigour Judgement Clear Communication Association Providing Value 9 Principles

3. Accountability Auditors act in the interests of primary stakeholders, whilst having regard to the wider public interest. Integrity Integrity helps to insulate auditors from matters of conflict of interests and elevate their objectivity. Objectivity and Independence Auditors should be seen to be objective in all their dealings with their clients. They express opinions independent of the entity and its directors.

4. Competence This is the ability to carry out professional duty with great knowledge and skills. Rigour Auditors approach their work with thoroughness and attitude of professional scepticism. Judgement Auditors apply professional judgement , taking account of materiality in the context of the matters on which they are reporting.

5. Clear Communication Auditors’ reports contain clear expressions of opinion which are set out in writing for proper understanding. Association Auditors allow their reports to be included in documents containing other information only if they consider that the additional information is not in conflict with the matters covered by their reports and that they have no cause to believe it to be misleading. Providing Value Auditors provide to management constructive observations arising from the audit process, thereby contributing to the effective operation of the business entity.