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What is the purpose of external auditing under IFRS?

What is the purpose of external auditing under IFRS?

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The main purpose of the external auditing is to express independent opinion on whether the financial statements are a true picture of the financial performance of the company for a certain period of time and its financial position at a certain point of time.

The primary role of external auditing is to express an opinion on whether financial statements of an organization are free of material misstatements or error.

The main objective of an external auditing of financial statements is to determine whether, in the auditor's opinion, the statements present fairly in all material aspects – i.e., they show a true and fair view in all material respects of the company's financial position, results of operations, and cash flows, etc.

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