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External auditors may also be engaged to perform other agreed-upon procedures, related or unrelated to financial statements. Most importantly, external auditors, though engaged and paid by the company being audited, should be regarded as independent. Internal Auditors are employed by the organizations they audit. They work for government ...
Secretarial auditor/Statutory secretarial auditor is an independent firm engaged by the client subject to the audit of secretarial and applicable laws/compliances of other applicable laws to express an opinion on whether the company's secretarial records and compliance of applicable laws are free of material misstatements, whether due to fraud ...
An internal auditor is responsible to the Board functionally and administratively to the management of the company, and the auditor submits the report to the Board. Their job description is said to include financial record examination, compliance analysis, risk management, and theft and fraud detection skills, along with good communication.
The "near privity" approach was established in Credit Alliance Corp. v. Arthur Andersen & Company. [11] This approach states that the auditor has liability under ordinary negligence if the third party is known to be using the financial statements and there has been some sort of direct communication between the two parties. [12]
In 1845 England, accompanied by new law, the first corporation was formed. The law required auditors who owned a share of the company but who did not directly manage the company's operations. Audit financial documents had been presented to shareholders, but at this point anyone could be an auditor.
Super Micro Computer hired a new auditor Monday after its previous one, Ernst & Young, quit in the middle of an engagement.. The Silicon Valley-based company, which touts a close relationship with ...
Shares skyrocketed when the company officially announced it had submitted the plan and hired a new auditor, BDO. Super Micro's prior accountant, Ernst & Young, resigned in late October.
Internal auditors are not responsible for the execution of company activities; they advise management and the board of directors (or similar oversight body) regarding how to better execute their responsibilities. As a result of their broad scope of involvement, internal auditors may have a variety of higher educational and professional backgrounds.