An auditor is an independent person or company appointed to check and verify the accuracy of financial records.

1. WHAT
IS
AN AUDITOR?
Leigh Barker

2. An auditor.. An auditor is an independent person or
company appointed to check and verify the
accuracy of financial records.
An auditor may be an external auditor who
examines the financial records and business
transactions of an entity in which there is no
affiliation or an internal auditor responsible for
providing independent and objective
evaluations of an entities financial and
operational activities.

3. External
auditors are
External auditors are engaged to express an
opinion that the financial statements of an
entity are free from material misstatements.
An external auditor will communicate to
management and staff to obtain a detailed
understanding of an entity, of the operations of
the entity, financial reporting and internal
control procedures.

4. External
auditors..
External auditors conduct the audit in
accordance with specified audit guidelines and
the users of an entities financial statements rely
upon the external auditor to present an
unbiased and independent audit report.

5. Internal auditors while employed by the
organisation they audit bring a systematic and
disciplined approach in evaluating financial and
business activities inclusive of the effectiveness
of risk management, control and corporate
governance.
Internal auditors report to management on how
to improve the overall structure and business
practices of an entity.

6. Internal
auditors..
Internal auditors are not responsible for
implementing the activities of an entity.The
role of an internal auditor is to advise the Board
of Directors how to better implement their
responsibilities.
An internal audit report will summarise the
findings, recommendations and generally
contains an action plan for management to
implement.

7. Leigh Barker Please note: Prepared by Leigh BarkerTangible
Assets Financial Services, Accountant at MWC
Group, Portfolio Finance, Gordon andWest
Pennant Hills. Note that all content of this blog
is general in nature and anyone intending to
apply the information to practical circumstances
should seek professional advice to
independently verify their interpretation and
the information’s applicability to their particular
circumstance.