The use of the legal term "fiduciary" is stated in my earlier letter and defines the services provided by independent auditors
M2 EQUITYBITES-August 20, 2015-Amira Nature Foods Ltd announces engagement of ASA & Associates LLP as independent auditors
The committee believes that these recommendations will help restore confidence in published financial statements, the financial reporting process and the work of independent auditors
This distinction is important, because the standard requires independent auditors
of the service provider's customers (the "user auditors") to use these two reports in different manners.
Arrange meetings with management, internal auditors, and independent auditors
Significantly, Judge Laro held that Wal-Mart's methodology conformed with GAAP because Wal-Mart received an unqualified audit opinion from its independent auditors
, Ernst & Young (E&Y).
Other brainstorming agenda items include the results of whistle-blower hotline calls, fraud risk assessments performed by the company's independent auditors
, and fraud risk factors or concerns identified by the audit committee.
Further, we believe that Sarbanes-Oxley recognizes that independent auditors
have a responsibility to understand the internal controls so that they can plan their audit.
Should management be required to report on internal controls, and should independent auditors
have to attest to such reports?
11, Using the Work of a Specialist, and provides guidance to independent auditors
about the use of a specialist's work when such independent auditors
perform audits of financial statements prepared in accordance with GAAP.