The Contribution of External Auditors to the Internal Control System

Dimitris N. Chorafas

Chapter 13 in Implementing and Auditing the Internal Control System, 2001, pp 314-336 from Palgrave Macmillan

Abstract: Abstract 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 auditors Review of the company’s records and computational procedures Evaluation of accounting procedures for compliance reasons Analysis of financial reports and disclosures Testing of assets, liabilities, revenues, and expenses in terms of valuation Appraisal of internal controls and their adequacy under stress conditions.

Keywords: Central Bank; Senior Management; Audit Committee; Audit Firm; Internal Audit (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59786-0_13

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DOI: 10.1057/9780230597860_13

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