What is a key goal of the independent auditor of the financial statements?

A key goal of the independent auditor is to provide reasonable assurance concerning the reliability of the financial statements. This means that the auditor conducts a thorough examination and evaluation of the financial information to determine whether it is presented fairly and in accordance with the applicable accounting framework.

The concept of "reasonable assurance" is important because it acknowledges that while the auditor will perform extensive procedures to identify material misstatements, it is not practical or possible to guarantee absolute accuracy in the financial statements due to the inherent limitations of auditing and the judgment involved in accounting practices. By providing this level of assurance, auditors help users of the financial statements, such as investors, creditors, and stakeholders, to make informed decisions based on reliable and trustworthy information.

This role does not involve serving as a guarantor of the information; rather, it emphasizes a professional responsibility to express an opinion based on the evidence obtained during the audit. Additionally, while the auditor needs to meet the duty of due diligence, that is more about adhering to professional standards and legal requirements rather than the primary goal of their assurance role.