0
The overall purpose of an audit function is to provide for verification of records, processes or functions in a sufficiently independent manner from the institution or subject being audited in order to add its value and improve its operations.
The overall objective of an independent auditis:
- to express an opinion with regards to the financial statements---in their entirety---as to whether they are presented in conformance to US GAAP.
The independent audit is typically performed by a CPA external to the organization and is therby presenting an unbiased opnion void of any conflicts of interest.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Mention three stakeholders who would be interested in the audit reports?
mention three stakeolders that will be intrested in the audit report
What is the role of finance committee?
The role of the finance committee is the overseeing and the function of fund generation and mentainance of a company. They regulat and they audit the whole finances of the organization or company from the personnel salary to the total gross income of the company.
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.
Define cost audit?
The purpose of a cost audit is to verify all cost accounts and ensure that the company is following the predefined cost accounting plan. This type of audit focuses on every department within an organization to ensure that costs are being managed properly.
Why would a green audit be carried out?
to help a community
The basic requirement of a third party audit is that it is conducted by?
an audit by an independent organization
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal 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 Internal audit an external audit?
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
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.
Can audit committee protect minority shareholder interest?
Most of Audit Committee INED are friends of Chairman, so they are not really independent!
Is pre audit is a internal audit function?
Yes pre audit is the responsibility of internal audit department as external auditors are only auditing the activities after end of fiscal year when everything is complete.
What is an audit trail and what is its purpose?
An audit (financial or non-financial) therefore indicates detailed examination and verification of an account, a situation or a state. Given this definition, the application of an audit varies from financial audits to marketing audits; from fire safety audit to statutory refulations requirements audit(like ISO, HAACP etc). Very large scale audits include an audit of the city. The purpose of carrying out the audit varies. In the case of a fire safety audit, we are ensuring environmental safety. In the case of an annual financial audit, the primary purpose of its existence is the protection of stockholders in publicly traded What is the purpose of an audit. To this end, my reply is that the purpose of an audit is to verify and examine in detail if there is accuracy in information. However, the type of audit being carried out may have a deeper underlying purpose which is being addressed. Specifically, the purose of an audit is to perform an independent assessment of an action, function, or system, in order to determine the effectiveness of that action, function, or systems ability to control risk.
The purpose of an audit is to?
An audit is used to determine the fairness of a financial statement. Audits should be performed by an independent organization that is separate from the owner of the corporation.
What best describes an audit?
The official inspection of an organisation's accounts by an independent body
What is functional independency?
The overall purpose of an audit function is to provide for verification of records, processes or functions in a sufficiently independent manner from the institution or subject being audited in order to add its value and improve its operations.The overall objective of an independent auditis:to express an opinion with regards to the financial statements---in their entirety---as to whether they are presented in conformance to US GAAP.The independent audit is typically performed by a CPA external to the organization and is therby presenting an unbiased opnion void of any conflicts of interest.
What is the basic purpose and function of an independent laboratory?
basic purpose and function of an independent laboratory
