Which two objectives must be achieved by an auditor during an audit of financial statements?

The objective of obtaining reasonable assurance and reporting on the financial statements is pivotal in the audit process. Reasonable assurance refers to the auditor's goal to provide a high, but not absolute, level of confidence that the financial statements are free from material misstatement. This is achieved through a systematic examination of a variety of evidence obtained during the audit, which supports the auditor's opinion on the truthfulness and fairness of the financial statements.

Reporting on the financial statements is equally crucial, as the audit culminates in an auditor’s report that expresses an opinion on the financial state of the organization. The report serves as a key communication tool to stakeholders, including investors, management, and regulators, about the reliability of the financial information presented.

Achieving these objectives ensures that stakeholders can make informed decisions based on the financial statements, thus reinforcing the role of auditors in enhancing the credibility of the reporting process.