A Regulatory Audit is conducted in accordance with the International Standards of Supreme Audit Institutions (ISSAIs) and relevant ethical requirements. This enables the auditor to express an opinion as to whether or not the financial statements are prepared, in all material respects, in accordance with an identified or applicable financial reporting framework and (or) statutory requirements.
The Auditor’s opinion on the financial statements enhances the credibility of the financial statements but:
• Does not guarantee the future viability of the entity; and
• Does not guarantee the efficiency or effectiveness with which management has conducted the affairs of the entity; and
• Does not guarantee that the entity is free of fraud.
Objectives of the Regulatory Audit
The Overall objectives of the Auditor are;
• To obtain reasonable assurance whether the financial statements as a whole are free from material misstatements due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with applicable financial reporting framework
• To report on the financial statements, and communicate as required by the ISSAIs in accordance with the auditor’s findings and
• To communicate to the users, management, those charged with management, those charged with governance, or parties outside the entity in relation to matters arising from the audit as required by the standard or by legislation.