•• To promote compliance with professional standards and other technical pronouncements.
•• To provide reasonable assurance to users of financial statements that professional standards have been complied with in performance of audit and related services.
•• To promote uniform application of generally accepted methods of professional practice.
•• To gain increased user confidence in the reliability of audited financial statements.
•• To establish a mechanism of continuous quality improvement in professional practice and a self regulatory framework for policies and procedures.
•• To enhance the status and image of accounts to the public through assurance of compliance and quality in performance of audit and related services.
•• To help ensure that auditors are competent and independent and to identify potential problems in this regard at an early stage for necessary corrective actions.
•• To help identify weaknesses in the audit process and provide technical assistance for professional development.
Wilfykil answered the question on April 11, 2019 at 10:22
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