Fundamental Principles of Auditing

The video explains the fundamental principles of auditing established by the Auditing Standards Board (ASB), applicable to all audits. It covers three main principles: responsibilities, performance, and reporting. Responsibilities involve the auditor's competence, independence, and professional skepticism. Performance includes planning, supervising, and gathering sufficient evidence. Reporting focuses on issuing the auditor's report and expressing opinions on financial statements.

What are the three fundamental principles established by the Auditing Standards Board?

What does the principle of responsibilities entail for an auditor?

How does professional skepticism influence an auditor's evaluation of evidence?

What is the significance of planning and supervising in the performance principle of auditing?

What is the final step in the auditing process as described in the text?