Who is responsible for conducting an audit in a company?

[niyati]

I’m trying to understand the audit process better. Can someone clarify who exactly performs the audit in a company? Is it always done by an external firm, or can it be handled internally? Also, are there any specific qualifications or certifications that an auditor must have?

 

[jainnorton]

An independent external auditor, typically a Chartered Accountant (CA) or Certified Public Accountant (CPA) or a firm of such professionals, is responsible for conducting a company's audit. They are appointed by the company's shareholders.

 

[ankita]

An audit in a company is conducted by an independent auditor or auditing firm, usually appointed by the shareholders or board of directors. Internal audits, however, are carried out by the company’s internal audit team. The external auditor’s responsibility is to review financial records, ensure accuracy, and provide an unbiased opinion.

 

[robertwilliam]

An independent external auditor who is appointed by the shareholders has the duty of executing the statutory audit, while the company's management has the authority to select internal auditors, who may be hired staff or contract professionals. The Indian government employs the Comptroller and Auditor General of India to oversee the audits of publicly traded companies.

 

[Lucas]

An auditor or chartered accountant is responsible for conducting an audit in a company.

 

[Lucky]

An audit in a company is conducted by an independent auditor or external audit firm. Their role is to examine financial records, internal controls, and statements to ensure accuracy and compliance. Internal audits, however, are performed by the company’s internal audit team to assess risk management and operational efficiency.