Accountants must have a thorough understanding of the principles and rules that provide the basis for preparing the accounting information.
Management is responsible for presenting publicly available financial information.
The auditor must have special expertise in accumulation and interpretation of audit evidence. It is this expertise that distinguishes auditors from accountants. Definition of Auditing A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. Auditor - determines proper audit procedures, sample size, particular items to examine, timing of tests and evaluating the results. Auditor's function is to lend creditability to the financial statements.