2001 | OriginalPaper | Chapter
The Contribution of External Auditors to the Internal Control System
Author : Dimitris N. Chorafas
Published in: Implementing and Auditing the Internal Control System
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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The role of external auditors is important not only to the certification of accounts but also as a professional support to a company’s internal audit function. Typically, external auditors are certified public accountants (CPAs, chartered accountants) who are hired by senior management for independent auditing duties. External auditors are also delegated by bank supervisors and other regulatory authorities who have the function of independent examiners. The wider description of their mission includes: Evaluation and certification of the work of internal auditorsReview of the company’s records and computational proceduresEvaluation of accounting procedures for compliance reasonsAnalysis of financial reports and disclosuresTesting of assets, liabilities, revenues, and expenses in terms of valuationAppraisal of internal controls and their adequacy under stress conditions.