Respuesta :
The auditor's primary means of obtaining corroboration of management's information concerning litigation is a letter of audit inquiry to the client's lawyer.
Who is an auditor?
- An impartial entity known as an external auditor or statutory auditor is hired by the client who is the subject of the audit to provide an opinion on whether the company's financial statements are free of serious misstatements, including those caused by fraud or error.
- External auditors may also be needed to provide an opinion on the efficacy of internal controls over financial reporting for publicly traded corporations.
- Additionally, other predetermined procedures that are connected to or unrelated to financial statements may be carried out by external auditors.
- Most significantly, external auditors should be viewed as impartial even though they are employed and compensated by the company they are auditing. The organizations they audit employ internal auditors.
- They work for non-profit organizations in various industries, as well as federal, state, and local governments. They also work for publicly traded enterprises.
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