Business, Legal & Accounting Glossary
A person appointed by a company to perform an audit. In the UK auditors are Chartered Accountants.
Auditors are required to certify that the accounts produced by their client companies have been prepared in accordance with normal accounting standards and represent a true and fair view of the company. If they don’t feel able to certify as such, they may ‘qualify’ the accounts by saying that they weren’t able to perform the checks they would have liked to. A qualified auditor’s report is a serious matter for a quoted company, and will send alarms bells though the City.
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.
An auditor is an individual qualified at the state level to perform financial and accounting audits. An auditor examines, corrects, and verifies the accuracy of financial accounts related to businesses, non-profit organizations and government agencies. The auditor is expected to perform an unbiased evaluation. An auditor can be an internal employee or an external consultant. There is also the IRS auditor, who conducts an inspection of a taxpayer’s return or other related transactions to verify accuracy. An IRS auditor conducts three major types of audits: correspondence, office, and field. Because there is always the chance of an auditor showing up at the door, it is recommended that good records are kept to support all data contained within a return. An auditor may also perform an array of additional services such as budget analysis, financial and investment planning, some legal services and technology consulting. Often an auditor is required to have at least a bachelor’s degree in accounting, business administration, or another related field.
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This glossary post was last updated: 11th August, 2022 | 0 Views.