Page 21 - DAY 1 - Introduction to Audit

Auditing Postulates

• No conflict of interest between auditor and

management/employees of the enterprise.

• Exclusivity of the auditor (independence and objectivity)

• Professional status Professional obligations.

• Financial data verifiable.

• Internal controls reduce the probability of errors and

irregularities.

• Application of GAAP/IFRS results in fair presentation.

• That which held true in the past will hold true in the future.

• The financial statements submitted to the auditor for

verification are free of collusive and other unusual

irregularities.
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