Audits are performed to ascertain the validity and reliability of information; apart from providing an assessment of a system's internal control. The goal of an audit is to express an opinion on the financial statements under evaluation based on work done on a test basis. Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards (IFRS).
Due to practical constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits, a set of financial statements are said to be true and fair when they are free of material misstatements.