Asked by: Cleopatra Moretebusiness and finance business operations
What characteristic describes the general function of the independent auditor?
Last Updated: 12th March, 2020
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Likewise, what is the role of an independent auditor?
An independent auditor either works for a public accounting firm or is self-employed. An auditor examines financial statements and related data, analyzes business operations and processes, and provides recommendations on achieving greater efficiency.
Similarly, what are the duties and responsibilities of an external auditor? External Auditor responsibilities include:
- Inspecting financial statements to catch errors, misstatements and fraud.
- Performing audits on systems, operations and accounts.
- Reporting audit findings and recommending improvements.
Beside above, what is an auditor's responsibility?
Auditors' Responsibilities The auditor's responsibility is to express an opinion on whether management has fairly presented the information in the financial statements. To do so, the auditor collects evidence to obtain reasonable assurance that the accounts are free of material misstatement.
What are the five key requirements for auditor independence?
The SEC rules on audit independence can be organized into five key areas: (A) Prohibited Non-Audit Services; (B) Audit Committee Pre-Approval of Services; (C) Partner Rotation; (D) Conflict of Interest; and (E) Increased Communication and Disclosure. A.