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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 ...
An auditor is a person or a firm appointed by a company to execute an audit. [1] To act as an auditor, a person should be certified by the regulatory authority of accounting and auditing or possess certain specified qualifications.
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 ...
In 24 states, the state auditor is a constitutional officer elected by the voters or the state legislature for specified terms of office. For example, state auditors in California, Idaho, Illinois, Minnesota, Nebraska, Nevada, Pennsylvania, Texas, Utah, and Washington are elected by the voters. Maine and Tennessee are the only states where the ...
Lawsuits brought against auditors based on statutory provisions differ from those under common law. Common law theories of liability may evolve or change over time, and interpretation and application may differ between jurisdictions, while statutory law is constrained to a greater degree by the text of the underlying statute.
Prerequisites for the Functioning of Supreme Audit Institutions * The 'ISSAI 30' Code of Ethics is the statement of values and principles guiding the daily work of the auditors. One of the principles outlined in the Code of Ethics is the statutory auditor’s obligation to apply generally
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Pronouncements by the International Auditing and Assurance Standards Board (IAASB) govern audit, review and other assurance services conducted in accordance with international standards. [18] Most countries that have adopted the International Standards on Auditing ( ISAs ) still retain the national auditing standards setting body to enact the ...