Role of Independent Auditor

The major purpose of an independent audit is to investigate and determine

objectively if the financial statements submitted for audit by a corporation have
been prepared in accordance with the appropriate financial reporting practices116
of private entities. The relationship that arises therefrom is both legal and
moral.117 It begins with the execution of the engagement letter118 that embodies
the terms and conditions of the audit and ends with the fulfilled expectation of the
auditors ethical119 and competent performance in all aspects of the audit.120