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Why does an auditor have to be independent when they audit a company's records?
Wiki User
∙ 13y ago
While conducting audits whether they are taxation audits or quality check, the independence of the elected agency ensures tranparency and more freedon from internal pressures , politics and corruption.
Wiki User
∙ 13y ago
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What ultimately determines the specific audit procedures necessary to provide an independent auditor with a reasonable basis for the expression of an opinion?
Auditor's judgement
Is income auditor and night auditor same?
Both are actually doing the same thing, depends on the size of the hotel. they divided the daily audit tasks into two parts, which are day and night. A night auditor or income auditor in a 500rooms hotel usually could do both day audit and also night audit since most of the income auditor must has night audit experience.
What is audit failure?
An audit failure is when an auditor says that financial statements are correct when they actually are not correct. This is basically when an auditor lies for a business.
What do quality auditor offers?
Quality audit is the process of systematic examination of a quality system carried out by an internal or external quality auditor or an audit team.
What is night audit?
Night Audit is a common activity which is carried out by authorized persons such as Admin or Auditor. That is you must be privileged to audit. The auditor at the end of the day can do the audit on hotel transaction activities carried out on that day and get back to the management if found something improper.
What is independent auditing?
It refers to the auditor having independence from the people that have a financial interest in the audit. It ensures the audit is not done with bias.
What ultimately determines the specific audit procedures necessary to provide an independent auditor with a reasonable basis for the expression of an opinion?
Auditor's judgement
How can an investor verify the validity valuation and Existence of the Accounts Receivable?
Answer:Investors usually cannot verify the amount of accounts receivable. In order to do this, investors would need to perform an audit. This is why an audit by an external auditor has value to investors. The auditor visits the copmay to perform an audit. While performing the audit, the company is supposed to give the auditor full access to all files/records. The auditor reports its findings of the audit in the annual report.
Rootword of auditor?
Audit
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 Root word of auditor?
audit
Is income auditor and night auditor same?
Both are actually doing the same thing, depends on the size of the hotel. they divided the daily audit tasks into two parts, which are day and night. A night auditor or income auditor in a 500rooms hotel usually could do both day audit and also night audit since most of the income auditor must has night audit experience.
What is audit failure?
An audit failure is when an auditor says that financial statements are correct when they actually are not correct. This is basically when an auditor lies for a business.
Importance of the auditor independence?
The degree to which the person doing the audit can be controlled (either by personal benefit or coersion, etc) by the entity being audited, directly or indirectly. This needs to be zero, no chance that the auditor can be influenced.
What is the auditor quality?
Quality audit is the process of systematic examination of a quality system carried out by an internal or external quality auditor or an audit team.
What is the role of auditor general?
Audit the government
Whats called a person facing Audit from Auditor?
A person facing an audit is called a pre-clear. This means that they have not been cleared yet by the auditor.
