Comply with Auditing Standards ‘The Auditing Standards are issued by the Central Government in consultation with the National Financial Reporting Authority. These standards aid the auditor in performing his audit duties with relevant ease and accuracy. It is the duty of the auditor to comply with the standards while performing his duties as this increases his efficiency comparatively. Reporting fraud. Generally, in the course of performing his duties, the auditor may have certain suspicions with regard to fraud that’s taking place within the company, certain situations where the financial statements and the figures contained therein don’t quite add up. When he finds himself to be in such situations, he will have to report the matter to the Central Government immediately and in the manner prescribed by the Act. Respect the Code of Ethies and the Code of Professional Conduct. The auditor, being a professional, must respect the Code of Ethics and the Code of Professional Conduct. Part of this involves confidentiality and due care in the performance of his duties. Another important requisite is professional scepticism. In simple words, the auditor must have a questioning mind, must be alert to possible mishaps, errors and frauds in the financial statements. Assistance in an investigation In the case where the company is under the scope of an investigation, it is the duty of the auditor to provide assistance to the officers as required for the same. Hence, it can be seen that the duties of the auditor are pretty diverse, it has an all-round and far-reaching impact. The level of surance provided by a set of audited financial statements is comparatively far higher as* compared to regular unaudited financial statements. 2.5 The difference between an accountant and an auditor. While both accountants and auditors deal with financial information and play important roles the finan management of organizations, there are some key differences between the two: o