... lacks any direct responsibility by the shareholders or the directors for the amounts owed to the creditors. Auditors must be independent. Auditors have to collect evidence to support their opinion. They also have to report to the users of the financial statement. "A set of financial statements is an important accountability document" (Gray 2000). An audit does not provide additional information; it enables users to rely on the information which has already been prepared by others. An auditor is accountable to add credibility to financial statement and this is established by the auditors' opinion. " The objective of an audit of financial statements is to enable an auditor to express an opinion on such financial statements". (John Dunn 1996). Audits are very expensive and therefore auditors are expensive too. A number of models have been developed to explain the role of the auditors. A mathematical model of the financial reporting process has been developed by ...

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