auditor


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Related to auditor: internal auditor

auditor

n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. Many counties have an appointed or elected Auditor to make independent audits of all governmental agencies in the county government. The term "auditor" is often misused as meaning any accountant. (See: audit)

auditor

an accountant who verifies the books of a company, stating whether they give a true and fair view of the company's position. Every company is required to appoint at each general meeting at which accounts are laid an auditor or auditors to hold office from the conclusion of the meeting until the conclusion of the next such general meeting. Except in the case of a continuation of an appointment of auditors whose appointment was approved at the previous general meeting held to consider the accounts, special notice is required of a resolution concerning the appointment of auditors. To be eligible for appointment as a company auditor, a person, either an individual or a firm, must be a member of a recognized supervisory body and eligible for appointment under the rules of that body. Dormant companies and smaller companies may decide not to be audited.

AUDITOR. An officer whose duty is to examine the accounts of officers who have received and disbursed public moneys by lawful authority. See Acts of Congress, April 3, 1817; 3 Story's Laws U. S. 1630; and the Act of February 24, 1819, 3 Story's L. U. S. 1722.

References in periodicals archive ?
The nature and magnitude of the differences in relation to the items noted above drive the nature, timing, and extent of procedures required to be performed by the group engagement team with regard to obtaining an understanding of the component auditor (firm) and ultimately being able to use the work performed by the component auditor.
Paragraph 13 of the International Standard on Auditing (ISA) 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing, from the International Auditing and Assurance Standards Board (IAASB), defines professional skepticism as:
When using internal auditors as direct assistants, the external auditor specifically requests the internal auditors to perform some aspect of the external auditor's work.
Past research has indicated that auditors have substantial concerns about IT auditor competence in practice, and sometimes question the value IT auditors bring to the audit engagement (Bagranoff and Vendrzyk 2000; James E.
Prior to the implementation of the Sarbanes-Oxley Act (SOX), it was commonly believed that it was more economical for firms to retain the same auditors year after year rather than periodically change auditors in order to get a different perspective on their books.
The degree to which the SEC's and PCAOB's actions will be integrated will be closely watched; in particular, if internal auditors (or management) increase the amount of work they perform to assess (self-assess) internal control, will there be an equal reduction in work performed by outside auditors--and a reduction in audit fees?
* Is required to report the results of the audit organization's work to the head or deputy head of the entity; (the auditor general and other Naval Audit Service senior leaders meet with DoN senior leaders regularly throughout the year and at semiannual Oversight Planning Board (OPB) meetings, and copies of final audit reports are sent to the under secretary)
Additionally, preparing and maintaining a set of audit books containing information relevant to the program will facilitate the process of hosting an auditor. Such books give the auditor a clear and concise picture of how a recycler develops and maintains its program and is an effective way to show a company's mastery of the system.
due professional care allows the auditor to obtain reasonable assurance that the financial statements are free of material misstatement, whether caused by error or fraud."
Once approved by the Securities and Exchange Commission (SEC), the PCAOB's new rules will ban auditors from providing three primary types of tax services to their public company audit clients, including:
standards on ethics, auditing, quality assurance, and auditor independence may hinder the EU audit firms from fulfilling EU requirements which are or will be based on internationally accepted standards.
Oates and Goelzer's blunt assertion that the Act "restricts an Auditor's ability to perform for Issuers a number of tax services allowed under the SEC rules" (Page 404) is incorrect: The Act does not change the tax services that accountants may offer their audit clients under the existing SEC rule.