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They also have to identify the cases or instances in which the company has not followed the rules and the current record is not consistent with the previous one. The auditors have to state in the report that the financial statements comply the Generally Accepted Accounting Standards or not. Then, they are able to give their opinion on the financial statements after auditing. They should conduct an audit systematically to get enough evidence properly. The auditors must understand the timing, regular audit reports and nature of the records. There can be any reason for that, such as mistakes in the record, fraud, etc. ![]() It includes internal control because there is a risk of a wrong statement or misinformation of the financial statements. They should have enough understanding of the business entity and the environment of the company. They should supervise the helpers in an appropriate manner. The Standards of Field Work ensure that the auditors do proper planning on how to work.
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