Balfour Beatty, the international infrastructure group, announces that the Board has completed a competitive tender process for the appointment of external auditors
, as announced in the 2014 Annual Report & Accounts.
Specific considerations include whether the cost of the external audit was reasonable and sufficient for the company's size, complexity, and risks and whether any external auditor
communicated an inspection's results, including findings regarding companies in similar industries with similar accounting or audit issues, and how to respond to the comments from regulators.
The way of testing control performed by external auditor
is from a high level in the sense the main purpose of testing the operating effectiveness of control is to reduce the substantive procedure performed on the financial statements account.
They also re-appointed external auditors
for fiscal year 2013 and approved their fees.
During the agreement of the General Assembly, the General Assembly will approve the report of the external auditor
for the fiscal year 2009, reviewing the budget of 2011 and selecting the auditory board for the organization, as well as, reviewing the cooperation agreement between the organization and the Communication Council for the States of South Asia, the Middle East and the North Africa (SAMENA).
Can the CFO ensure the internal audit function has the requisite competencies for the external auditor
to consider using its results to supplement external auditing procedures?
Moreover, even when relevant, the external auditor
may believe it would not be efficient to use the work of internal auditors, and thus, there need be no reliance in this instance either.
Under SOX, the audit committee hires the external auditor
, but not all participants in the financial reporting process view the audit committee as the auditor's client, according to KPMG's 2004 Audit Committee Institute survey.
We need our external auditors
to take some ownership of the criteria that they apply when they profess that the financial statements are "fairly presented.
GAO addressed (1) the extent that the external auditor
was providing assurance on internal control over financial reporting, operations, and compliance with key provisions of bank charters and policies in conjunction with financial statement audits and (2) the role the Bank Group's audit committee plays in providing oversight of external financial statement audits and internal control.
Discusses how internal auditors may provide direct assistance to the external auditor
The Review of Auditor Independence published by the Chartered Institute of Management Accountants reached the overarching conclusion that external auditor
independence must be viewed in context of corporate governance and the accountability of organisations to their shareholders.