The auditor’s objectives, as discussed in AU-C Section 240, are to
identify and assess the risks of material misstatement of the financial statements due to fraud;
obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and
respond appropriately to fraud or suspected fraud identified during the audit.
The auditor is responsible for addressing a wide range of risks when performing an audit of financial statements, and addressing the