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The manner of appointment, the qualifications, and the format of reporting by an external auditor are defined by statute, which varies according to jurisdiction. External auditors must be members of one of the recognised professional accountancy bodies. [2] External auditors normally address their reports to the shareholders of a corporation.
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 agencies (federal, state and local); for publicly traded companies; and for non-profit companies across all industries.
No audit firm wants to have to explain to the press the loss of a big client. This gives the directors of the large company a commanding position over its audit firm and they may look to take advantage of it. The audit team would feel pressured to satisfy the needs of the directors and in doing so would lose their independence.
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Consultant auditors are external personnel contracted by the firm to perform an audit following the firm's auditing standards. This differs from the external auditor, who follows their own auditing standards. The level of independence is therefore somewhere between the internal auditor and the external auditor.
A "statutory audit" is a legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial ...
The Parliament appoints the Director General of the National Audit Office for a term of six years. Since January 2022, the Director General of the Audit Office has been Sami Yläoutinen. [5] At the end of 2022, the office had 145 employees. [6] The main office of the agency is located in Helsinki, with another office in Oulu. [7]
The European Court of Auditors (ECA; French: Cour des comptes européenne) is the supreme audit institution of the European Union (EU). It was established in 1975 in Luxembourg and is one of the seven EU institutions. [1] [2] The Court comprises one member from each EU member state (currently 27) supported by approximately 800 civil servants.