The auditor must present adequate informative disclosures in his/her report.
If it is found that the generally accepted accounting principles have not been followed consistently during the current period in relation with the preceding period, then the auditor must mention those circumstances in his/her report.
Once the field work has been done, it is mandatory for the auditor to state in his/her report whether or not the financial statements presented, follow the Generally Accepted Accounting Principles (GAAP).
Obtaining audit evidences while performing the procedure also helps the auditor to base his/her opinion about the financial statements that have been, or are being audited.
This also helps the auditor to further design the audit procedure, keeping in mind the nature and the time that would be needed.
It is also important for the auditor to understand the entity and its environment thoroughly, in order to assess the possibility of fraud or error, when it comes to material misstatement.
Efficient planning of the work and proper supervision of the assistants must be done by the auditor.
It is important for the auditor to exercise professionalism during the task.
It is also necessary for the auditor to consistently keep an independent approach in terms of his/her mental attitude, when it comes to matters related to performing the audit.
In order to perform an audit, the auditor must possess adequate amount of proficiency through technical training.
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