Auditors - Business concept of the day
Definition: An auditor is a person authorised to review, verify and certify the accuracy of a company's business records and ensure compliance with governmental tax laws of the country. Auditors work in various capacity in different industries and different type of organisations.
Example: A company hired ABC consulting firm, in this case an external auditor/statutory auditor, to review whether the company's financial statements are free of material misstatements, which could be due to fraud or error and ensure completeness of all business records.
Business Insight: The audit report does not indicate that the company passed or failed, but rather whether the company has a high degree of conformance or needs some improvement, which can be accomplished by taking appropriate actions to address the nonconformities. However, the seriousness and the timeline to fix the nonconformities depends upon the type of the audit.
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