KPMG will be appointed as external auditor
for the year ending 31 December 2016, replacing Deloitte who have been the Companys auditor since 2002.
The World Bank has said that it would favour better dialogue between banking supervisors and external auditors
Specific considerations include whether (1) the external auditors
reported to the audit committee all matters that might reasonably be thought to bear on the audit firm's independence and safeguards in place to detect independence issues; (2) any differences in views between management and the external auditors
were resolved in a professional manner; and (3) the lead auditor discussed safeguards in place to protect the independence, objectivity, and professional skepticism as part of the audit committee's preapproval for all nonaudit services.
favour unqualified opinion (again to retain the client)- therefore the avoidance of issues and obstacles are preferred.
It also voted for and approved the external auditor
report for the same period and discussed and approved the balance sheet and the profit-and-loss statement.
and the International Atomic Energy Agency are required to be audited and reported on periodically by independent external auditors
With the restatement complete, the Company and its external auditors
will now focus on completing the remaining delayed SEC filings that were dependent upon the completion of the 2004 Form 10-K.
The discussion included leading practices in areas such as organization structure, scope, deficiency management, use of external resources, relationship with the external auditor
, communication to the audit committee and management reports, to name a few.
How external auditors
can make use of a company's internal auditors.
These forward-looking statements can typically be identified by use of words such as "believes," "anticipates" or "expects" and include statements regarding (i) the expectation that the current accounting review by the Company's external auditors
will not impact FCG's previously announced and reported pre-tax operating income results; (ii) the expected adjustments and restatements to previously announced or reported financial results; and (iii) the belief of FCG that it has appropriately addressed the internal controls weakness related to its deferred tax asset accounting.
Duplication by external auditors
of work already done by internal auditors has driven a big chunk of costs, as well.
BUSINESSES FACE A NUMBER OF OTHER CHANGES including the setting up of fraud hot lines, establishing a new relationship with their external auditors
and training employees to comply with the requirements of Sarbanes-Oxley and SAS no.