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AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together with their opinion, to the, court in which such accounts originated. 6 Cranch, 8; 1 Aik. 145; 12 Mass. 412.
     2. Their report is not, per se, binding and conclusive, but will become so, unless excepted to. 5 Rawle, R. 323. It may be set aside, either with or without exceptions to it being filed. In the first case, when errors are apparent on its face, it may be set aside or corrected. 2 Cranch, 124; 5 Cranch, 313. In the second case, it may be set aside for any fraud, corruption, gross misconduct, or error. 6 Cranch, 8; 4 Cranch, 308; 1 Aik. 145. The auditors ought to be sworn, but this will be presumed. 8 Verm. 396.
     3. Auditors are also persons appointed to examine the accounts subsisting between the parties in an action of account render, after a judgment quod computet. Bac. Ab. Accompt, F.
     4. The auditors are required to state a special account, 4 Yeates, 514, and the whole is to be brought down to the time when they make an end of their account. 2 Burr. 1086. And auditors are to make proper charges and credits without regard to time, or the verdict. 2 S. & R. 317. When the facts or matters of law are disputed before them, they are to report them to the court, when the former will be decided by a jury, and the latter by the court, and the result sent to the auditors for their guidance. 5 Binn. 433.

References in periodicals archive ?
While insurance company internal auditors cannot regulate the pressure employees feel, they can help mitigate the opportunity to commit fraud.
Most of the shortcomings with contingent fee audits are also present where third-party auditors are paid on an "hourly basis".
Arning also serves on an international committee of the Institute of Internal Auditors and is past president of the New York Metropolitan Chapter of the Information Systems Audit and Control Association.
In the post-Sarbanes-Oxley era, internal auditors are helping to steer the projects for complying with Section 404 for testing internal controls; they are also in the best position to alert senior management to potential deficiencies before they become bigger problems.
In this case, it may be helpful for the board of directors to designate an outside director as the principal contact with the CAO and auditors.
Los Angeles Department of Water and Power auditors reported finding more than $350,000 in overbillings by two public-relations firms as early as 2002, but their warnings were ignored by utility managers who renewed their contracts worth more than $5 million a year, the Daily News has learned.
Requires auditors to complete audit documentation by the documentation completion date (that is, no later than 60 days after the date on which the auditor delivers the report to the client).
The panel recommended that auditors should be required to possess a "far deeper understanding" of the client's business, risks and controls, in addition to designing and performing substantive tests to detect fraud.
SACRAMENTO - The Los Angeles Department of Water and Power failed to follow the city's competitive bidding rules in awarding some contracts and does not maintain adequate controls over employee purchases with agency credit cards, state auditors said in a report Wednesday.
To that end, the AICPA has commented on numerous SEC proposals focused on internal control reporting, audit committees, codes of ethics, misleading auditors, off-balance-sheet activities, non-GAAP proforma financial disclosures and auditor independence--seven key areas of the law in which the CPA profession has long-held and strongly advocated positions to protect the public and add valuable information to the capital markets and investors.
Oates and Goelzer back away from their original assertion and only speculate that "non-audit tax services previously permitted to be performed by Auditors for Issuers now may well be prohibited.
OPINION: Some Big Five auditors use indemnification agreements to duck liability on mutual client engagements--in contrast to SEC rules for public companies.