What are the 7 principles of auditing?

The 7 principles of auditing are as follows:

  1. Professional skepticism: The auditor must approach the audit with a questioning mind and be vigilant in identifying risks and assessing the reliability of evidence.
  2. Due professional care: The auditor must exercise due care in the performance of their duties and responsibilities.
  3. Planning: The auditor must plan the audit to ensure that it is properly scoped and that sufficient resources are allocated.
  4. 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.
  5. Evidence: The auditor must obtain sufficient and appropriate evidence to support their conclusions.
  6. Documentation: The auditor must properly document their work, including the evidence obtained and the conclusions reached.
  7. 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.

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