What is a primary goal of professional standards in auditing?

The primary goal of professional standards in auditing is to foster comparability of financial statements. This is crucial because comparability allows users of financial statements, such as investors, creditors, and regulators, to analyze and compare the financial positions and performance of different entities effectively. By ensuring that auditors adhere to a consistent set of standards, the reliability and integrity of the financial information presented are enhanced, making it easier for stakeholders to make informed decisions.

Professional standards also establish a framework for auditors to follow, which includes principles and guidelines that promote transparency, accountability, and due diligence. As a result, financial statements that are prepared in accordance with these standards can be compared across companies, industries, and time periods, which ultimately supports the functioning and efficiency of capital markets.

In contrast, complicating the auditing process, introducing bias in financial reporting, or diminishing the quality of assurance services would undermine the trust and reliability that stakeholders expect from financial reporting. Therefore, the focus of professional standards is clearly on ensuring comparability and enhancing the quality of information provided in financial statements.