Overall Objectives of an Independent Auditor: A Cross Country Analysis

Abstract

Statutory auditors are required to attest material accuracy, appropriateness and fairness about financial statements of corporate enterprise. Quality of their work depends upon their competence and independence towards their profession. Existing auditing standards guides an auditor through the audit procedure. Out of them, there is one standard that set the overall objectives of an independent auditor. The current study makes a comparative analysis of overall objectives of an independent auditor as per their governing standards in USA, UK and India. It is observed that the requirements relating to overall objectives are almost similar in UK and India. However, the standard governing overall objective is more comprehensive in USA.

Keywords: Statutory Audit, USA, UK, India, Overall Objectives.