QUESTION (20 marks)
According to the International Standard on Auditing: “The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatements, whether caused by error of fraud”. REQUIRED: Discuss the above statement with respect to the responsibilities of the professional auditor as well as the responsibilities of the Directors in an organisation in the context of the background information provided (refer to source) and with reference to ethical, professional and legal requirements. Source providing background information: − Madubela A. 2021. ‘It is right that auditing is under scrutiny’— Deloitte Africa CEO-elect. Retrieved from: https://mg.co.za/business/2021-11-29-auditing-scrutiny-deloitte-africa-ceoelectredfearn/#:~:text=As%20Steinhoff’s%20auditor%20for%20years,2017%20amid%20an%20 accounting%20scandal [Accessed 19 October 2022]. Aligned to SAICA competencies: F1.4 Ethical principles a) Advise, from an ethical perspective, on the conduct and practices of a firm and its staff involved in the rendering of assurance engagements (codes of ethics and other professional and legal requirements
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