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Does an independent auditor working for a client have a duty not to disclose any information to anyone other than the company itself even if it is just someone wanting to know what they are working on?
Wiki User
∙ 8y ago
Your query is kind of vague and this is a complicated and very broad area of law.
Generally, when an auditor is privately employed by a company they should not discuss anything related to that audit with any outside party. Auditors work under strict standards of ethic and rules that govern every aspect of their work. They should not disclose to a third party that they are performing an independent audit for the ABC Company. The client has the right to expect confidentiality on that level and that confidentiality would likely be set forth in the letter of engagement and/or contract.
Wiki User
∙ 8y ago
Wiki User
∙ 8y agoAuditors have a duty to keep client information confidential. They can be held liable if they release sensitive information to the public.
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An independent auditor is asked to express an opinion on the fair presentation of financial statements because a company may not be objective with respect to its own financial statements.
Why an independent auditor reports on financial statements?
to assure the shareholders that the company's accounts gives the true n fair picture of the company's affairs...
What is the difference between accountant and auditor?
An accountant prepares a company's financial statements and reports. They provide a company with its economic situation. An auditor is usually an independent examiner who reviews a company's financial records.
List five recommendation that have been made recenlty to strengthen the independent audit function?
A public company auditor, in order to be independent, should not audit its own work (as it would if it provided internal audit outsourcing services, financial information systems design, appraisal or valuation services, actuarial services, or bookkeeping services to an audit client).A public company auditor should not function as part of management or as an employee of the audit client (as it would if it provided human resources services such as recruiting, hiring, and designing compensation packages for the officers, directors, and managers of an audit client).A public company auditor, to be independent, should not act as an advocate of its audit client (as it would if it provided legal and expert services to an audit client in judicial or regulatory proceedings).A public company auditor should not be a promoter of the company's stock or other financial interests (as it would be if it served as a broker-dealer, investment adviser, or investment banker for the company).
What is meant by an auditing independent mental attitude?
In auditing, keeping a independent mental attitude involves "professional skepticism". While an auditor should not assume that everything management says is a lie, he also shouldn't assume that everthing management tells him can be relied upon as true without any need for independent verification by the auditor. An auditor often deals with management, but his duty is not to the audited company's management, but rather to the directors, owners and potential future owners of a company, who will rely on the audited financial statements to make decisions about investment in the audited company.
What are the responsibilities of an auditor?
Auditors review a company's financial records and banking information. They make sure the company is presenting the financial information accurately, fairly, and in line with generally accepted accounting principles.
Where is the information needed to determine whether a company is using accounting methods similar to those of its competitors?
auditor's report
List three groups that use accounting information and briefly explain why each has an interest in this information?
how to explain an accounting system used for our company to auditor
Why does the government require business to disclose so much information to the public?
A business doesn't have to disclose anything. However a publicly traded company has full disclosure because anyone can own a piece by simply buying stock in the company.
Why does the government require businesses to disclose so much information to the public?
A business doesn't have to disclose anything. However a publicly traded company has full disclosure because anyone can own a piece by simply buying stock in the company.
