Role of an Auditor
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Date Submitted: 04/30/2012 07:46 AM
The Role of the Auditor
Seminar for Senior Bank Supervisors from Emerging Economies November 1, 2000 Craig Dabroski, National Technical Director for Depository Institutions
The Role of the Auditor
• Internal auditors
• External auditors
Internal Auditors
•
Responsibilities
•
Reporting lines
•
Professional affiliations
IA - Responsibilities
• • • • • •
Compliance checking Compliance communication Transaction checking New product/service planning Operational efficiencies Assist regulators/external auditors
IA – Reporting Lines
• • • •
Board of directors Chief executive officer Chief operating officer Chief financial officer
IA – Professional Affiliations
•
Certified Public Accountant
•
Certified Internal Auditor
•
Other professional organizations
External Auditors
•
Objectives
•
Reporting lines
•
Profession
•
Interactions with others
EA - Objectives
•
Express an opinion on the consolidated financial statements Express an opinion on management’s FDICIA control assertions Report to the Board
•
•
Objective of the external audit (1)
•
auditors’ report expressing an opinion on the financial statements referred to above. We will conduct our
The objective of our audit is to provide you with our audit in accordance with U.S. generally accepted auditing standards. Accordingly, we will examine, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assess the accounting principles used and significant estimates made by management and evaluate the overall financial statement presentation.
Objective of the external audit (2)
•
Concurrent with our audit, we will examine, in accordance with standards established by the American Institute of Certified Public Accountants, management’s assertion about the effectiveness of the Company’s internal control over financial reporting as of (fiscal year-end date –...
