There are certain basic principal that should be followed while doing an audit. They are as follows:-

• Skill & Competence
• Confidentiality
• Independence
• Objectivity
• Responsibility

Skill & Competence

The basic principle of audit is that a competent and skilled person should conduct it. only a qualified for an auditor is that person can act as an auditor. The basic qualification for an auditor is that the person should be a chartered accountant. This is required to achieve high standards and expertness in the work of an auditor.

Confidentiality

During the work of audit, auditor comes across many important and sensitive information regarding his clients work and systems. It is required that he should not part with such information. He should maintain strict confidentiality with regard to such information.

Integrity

Auditor should be honest and sincere in his work. He occupies the position of faith with the clients. It is required that he should do justice to his work and profession.

Independence

Auditor will be in a position to do his job successfully if he works independently

Objectivity

Auditor will be in a fair and honest and should work with objectivity. He should not allow personal bias to shadow his work.

Responsibility

Auditor should work with responsibility. He should exercise due care and diligence in discharging his duties.

Naresh Vaid (ACA)
New Delhi.

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