The 7 principles of auditing are as follows:
- Professional skepticism: The auditor must approach the audit with a questioning mind and be vigilant in identifying risks and assessing the reliability of evidence.
- Due professional care: The auditor must exercise due care in the performance of their duties and responsibilities.
- Planning: The auditor must plan the audit to ensure that it is properly scoped and that sufficient resources are allocated.
- Materiality: The auditor must consider the materiality of the information being audited and apply a level of audit effort that is appropriate to its significance.
- Evidence: The auditor must obtain sufficient and appropriate evidence to support their conclusions.
- Documentation: The auditor must properly document their work, including the evidence obtained and the conclusions reached.
- Reporting: The auditor must report their findings in a clear and concise manner, and provide recommendations for improvement where appropriate.
These 7 principles provide a framework for auditors to follow in conducting effective and efficient audits, and help ensure that audits are conducted in a professional and consistent manner.