Securities and Exchange Commission (SEC) and mandated independent audits
Controlled companies (one in which an individual, a group or another company hold more than 50% of the voting power) would have to have a completely independent audit
committee but would be exempt from the requirement that a board must have a majority of independent directors.
But few of these claims have been substantiated through an independent audit
Oversight of the internal and independent audit
In May, after 18 months of study, a panel appointed by the Public Oversight Board to examine the effectiveness of independent audits
released a draft statement of its findings.
Since 1993, at least four independent audits
have uncovered wide-ranging problems within the ITD.
The fully transparent process begins with a Code of Business Practices, factory Audit Checklist and Guidance Document and runs straight through to the annual certification/recertification, via independent audits
Standardized, independent audits
are the only way to gain confidence in the data provided.
The majority of those credit unions already have independent audits
done by a licensed public accountant or a CPA, he added.
industry, CEMA has pushed hard to make standardized independent audits
the de facto standard audience verification process in the technology trade show industry.
The report, The Accounting Profession--Major Issues: Progress and Concerns, lauded the actions taken by the profession from 1972 through 1995 to improve accounting and auditing standards and the performance of independent audits
, but it stressed the need for continued action to ensure the profession upholds public confidence in the fairness of financial reporting.
The ISO framework calls for independent audits
and for re-certification every three years.