Identify the overall objectives of the auditor and the need to conduct an audit in accordance with ISAs.

To identify the overall objectives of the auditor and the need to conduct an audit in accordance with ISAs, we need to understand the role and purpose of an audit.

1. The overall objective of an auditor is to express an opinion on the financial statements of an entity. This opinion provides assurance to the users of the financial statements that they are reliable and free from material misstatements.

2. The need to conduct an audit arises due to several reasons:

   a. Stakeholder Confidence: Audited financial statements enhance the credibility and reliability of the information presented. This helps stakeholders, such as investors, lenders, and shareholders, make informed decisions based on accurate financial information.

   b. Legal and Regulatory Requirements: Many jurisdictions require entities to have their financial statements audited by an independent auditor. This ensures compliance with laws and regulations and promotes transparency and accountability.

   c. Detection and Prevention of Fraud: Audits help in detecting and preventing fraudulent activities within an organization. By examining financial records, transactions, and internal controls, auditors can identify any irregularities or potential fraud risks.

   d. Evaluation of Internal Controls: Audits also assess the effectiveness of an entity's internal controls. This helps identify weaknesses or deficiencies in the control environment and provides recommendations for improvement.

   e. Compliance with International Standards: Conducting an audit in accordance with International Standards on Auditing (ISAs) ensures that the audit is performed consistently and meets globally accepted standards. ISAs provide guidelines and principles that auditors should follow to maintain professional competence and ethical behavior.

In summary, the overall objectives of the auditor are to express an opinion on the financial statements, while the need to conduct an audit arises from stakeholder confidence, legal requirements, fraud detection, evaluation of internal controls, and compliance with ISAs.