The External Auditor.pptx - The Role of the External Auditor \u2022 Public companies and large proprietary companies must have their annual reports audited

The External Auditor.pptx - The Role of the External...

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The Role of the External Auditor Public companies and large proprietary companies must have their annual reports audited Review and evaluation is carried out by an independent (not working in the company) auditor who is a qualified/specialised accountant The auditor must have access to all the company’s financial records At same time, the company carries out internal audits and attempts to correct their own problems and accounting system errors prior to the external auditor’s evaluation
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Auditors must be Registered Company Auditors (RCAs) through the ASIC. They must comply with the Corporations Act and the Auditing Standards set by the Auditing and Assurance Standards Board (federal government statutory body) Purpose of any audit is to offer protection to interested parties (stakeholders) who cannot examine the financial records personally External users must make decisions regarding their future investment/business ties with this reporting entity
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External auditor: underwrites
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  • Spring '19
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