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.