Misconceptions about audits

ACCA: 48% of public believe auditors ‘could prevent company failures’A survey of 1,000 members of the general public by ACCA reveals auditors are expected to play a crucial role in company safeguarding. Furthermore, 41% of those surveyed believe that auditors should always detect and report any fraud. However, only a quarter of respondents were able to accurately identify what an auditor does – give an opinion on whether the financial statements of a company give a true and fair view and do not include material misstatements due to fraud or error.