Question (Objective 6-1) State the objective of the audit of financial statements. In general terms, how do auditors meet that objective? (Objective 6-1) OBJECTIVE OF CONDUCTING AN AUDIT OF FINANCIAL STATEMENTS Auditing standards indicate Our primary focus is the section that emphasizes issuing an opinion on financial statements. For some public companies, the auditor also issues a report on internal control over financial reporting as required by Section 404 of the Sarbanes–Oxley Act. Auditors accumulate evidence in order to reach conclusions about whether the financial statements are fairly stated and to determine the effectiveness of internal control, after which they issue the appropriate audit report. If the auditor believes that the statements are not fairly presented or is unable to reach a conclusion because of insufficient evidence, the auditor has the responsi bility of notifying users through the auditor’s report. Subsequent to their issuance, if facts indicate that the statements were not fairly presented as in the ZZZZ Best case, the auditor will probably have to demonstrate to the courts or regulatory agencies that the audit was conducted in a proper manner and the auditor reached reasonable conclusions.  

RIDCXF The Asker · Accounting
  (Objective 6-1) State the objective of the audit of financial statements. In general terms, how do auditors meet that objective?   (Objective 6-1)  OBJECTIVE OF CONDUCTING AN AUDIT OF FINANCIAL STATEMENTS  Auditing standards indicate    Our primary focus is the section that emphasizes issuing an opinion on financial statements. For some public companies, the auditor also issues a report on internal control over financial reporting as required by Section 404 of the Sarbanes–Oxley Act. Auditors accumulate evidence in order to reach conclusions about whether the financial statements are fairly stated and to determine the effectiveness of internal control, after which they issue the appropriate audit report. If the auditor believes that the statements are not fairly presented or is unable to reach a conclusion because of insufficient evidence, the auditor has the responsi bility of notifying users through the auditor’s report. Subsequent to their issuance, if facts indicate that the statements were not fairly presented as in the ZZZZ Best case, the auditor will probably have to demonstrate to the courts or regulatory agencies that the audit was conducted in a proper manner and the auditor reached reasonable conclusions.       
Community Answer

(1.) Ans Audit of financial statement(1.) Assertion of financial statement'sAssertions are representations by management, explicit or otherwise, that are embodied inthe financial statements. The three categories of ossertion in the financial statement.I. classes of transactions and eventsII. Account BalanceTII. Presentation and disclosureI. Classed of transactions and events.(9) Occurance rarr transactions and events that have been, recorded have occured and pertain to the entity.(b) Completeness rarr All transactions and events that Should have been recorded.(c) Accuracy rarr Amounts and other data relating to recoraed transactions and events have been recorded ceppopriately.(d) Cut-off rarr Transactions and events have been recorded in the correct accounting period.(e) Classificotion rarr Transactions and events have been recoraed in the proper accoun-H. ACcount Balance.(a) Existence rarr assets, liabilities and escity interests exist.(b) Rights and obligations rarr the entity holds or controls the right to assets, and liabilities are obligation of the entity.(c) Completeness rarr All Assete, liabilities and equity interest that should have been recorded.(d) valuation and allocation rarr Assets, liabilities and equity interests are included in the financial statement at appropricte amounts and any resulting valuation or allocation adjustments are appropiatiy reconted.III. Dresentation and disclasure(a) Occurance and rights and obligations rarr disclesed events, transactions and other matters have occured and pertain to the entity.(b) Completeness rarr All disclosures that should have been incladed.(c) classification and understandibility rarr financia information is appropriatty presented and describec and disclogure are clearly expressed.(d) Accuracy and vau valuation rarr financial and Infinix Other information are disclosed fairly and at appropriate amounts.(2. Auditor's overall objectives ... See the full answer