This paper provide a critical assessment of the position of the relevant laws and standard with respect to how auditing engagement ought to be technically and what the common man thick as it should be doing. Auditing is an assurance service provide by professional accountant to express opinion as to the “true and fair view” of his client financial statement. This is achieved by taken into consideration the provision of relevant laws, standards, procedures and the pronouncement of professional ethical standard by auditors’ professional body (s). This audit engagement is distinct to the normal routine organizational check and control, which is carry out by employee (s) of the organization who is appointed by the management. The external auditor is allowed to charge fees commensurate to the nature of the audit work to be carried out.

Keywords: auditing, material misstatement, compliance, ethics, principles