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| Auditors | |
|---|---|
| Name | Auditors |
| Occupation | Financial and compliance professionals |
| Activity | Examination, verification, assurance |
| Formation | Professional certification and higher education |
| Notable | Arthur Andersen, Ernst & Young, PricewaterhouseCoopers, KPMG, Deloitte |
Auditors
Auditors are professionals who examine, verify, and report on financial records, compliance processes, operational controls, and performance metrics for entities such as corporations, nonprofits, and public bodies. They perform assurance, attestation, and advisory functions across sectors, interacting with institutions including Securities and Exchange Commission, Internal Revenue Service, International Monetary Fund, World Bank, and European Central Bank. Audit work ranges from statutory financial audits required by Companies Act 2006-style laws to forensic engagements relating to matters like the Enron scandal, WorldCom scandal, and regulatory enforcement actions by bodies such as the Financial Conduct Authority.
Auditors include external auditors employed by firms such as Deloitte, PricewaterhouseCoopers, KPMG, and Ernst & Young; internal auditors working within entities like General Electric, Ford Motor Company, and IBM; government auditors in agencies such as the Government Accountability Office, National Audit Office (United Kingdom), and Comptroller and Auditor General offices; and specialized auditors including forensic auditors who engage with institutions involved in cases like Madoff investment scandal or Bernie Ebbers prosecutions. Other types encompass tax auditors related to Internal Revenue Service examinations, information systems auditors certified by bodies such as ISACA, compliance auditors for regulators like Securities and Exchange Commission, and environmental auditors who may reference frameworks like the Kyoto Protocol in assessments.
Typical educational pathways involve degrees from universities such as Harvard University, University of Oxford, University of Cambridge, University of Chicago, and Massachusetts Institute of Technology in accounting, finance, or related fields. Professional qualifications include designations from institutes like the Institute of Chartered Accountants in England and Wales, American Institute of Certified Public Accountants, Chartered Institute of Management Accountants, Association of Chartered Certified Accountants, and certifications like Certified Internal Auditor from the Institute of Internal Auditors or Certified Information Systems Auditor from ISACA. Licensing and statutory registration can be mandated under laws such as the Sarbanes–Oxley Act of 2002 in the United States or oversight by authorities such as the Financial Reporting Council (United Kingdom) and country-level equivalents.
Audit methodologies draw on standards promulgated by bodies including the International Auditing and Assurance Standards Board, Public Company Accounting Oversight Board, and the AICPA. Processes typically involve planning engagements with reference to frameworks such as COSO (Committee of Sponsoring Organizations of the Treadway Commission), risk assessment exercises influenced by incidents like the Lehman Brothers collapse, sampling and substantive testing, use of analytical procedures, and final reporting in formats compatible with regulators like the Securities and Exchange Commission or standards like International Financial Reporting Standards. Information technology tools and approaches incorporate software vendors and systems used by organizations such as SAP SE, Oracle Corporation, Microsoft, and audit analytics platforms influenced by developments at Amazon Web Services and Google Cloud Platform.
Auditors are responsible for planning audits, evaluating internal control environments referencing models like COSO, testing account balances and transactions for entities including ExxonMobil and Citigroup, and communicating findings to boards, audit committees, and stakeholders such as investors in markets overseen by New York Stock Exchange or London Stock Exchange. Internal auditors advise on governance and risk, often liaising with corporate officers such as Chief Financial Officers at firms like Apple Inc. and Microsoft Corporation. External auditors issue opinions that inform regulators such as the SEC, credit rating agencies like Moody's Investors Service and Standard & Poor's, and investors following events such as the 2008 financial crisis.
Regulation and standards involve organizations including the International Federation of Accountants, International Auditing and Assurance Standards Board, Public Company Accounting Oversight Board, Financial Accounting Standards Board, European Securities and Markets Authority, and national institutes such as the Institute of Chartered Accountants of India and the Canadian Public Accountability Board. Legal frameworks include statutes like the Sarbanes–Oxley Act of 2002 and directives from entities such as the European Commission. Professional oversight can also involve disciplinary actions by courts and tribunals like the High Court of Justice or regulatory enforcement by agencies such as the Commodity Futures Trading Commission.
Specialized auditors focus on sectors including banking audited under regimes like Basel III, insurance subjected to frameworks like Solvency II, and energy firms complying with regulators such as International Energy Agency-related standards. Healthcare audits engage with institutions like World Health Organization guidelines and national health services such as the National Health Service (England). Public sector auditors work with institutions such as United Nations agencies and development banks including the Asian Development Bank and Inter-American Development Bank. Technology audits assess cybersecurity and controls in environments influenced by NIST and standards like ISO 27001.
Ethical obligations derive from codes issued by bodies such as the Institute of Internal Auditors, International Ethics Standards Board for Accountants, and national institutes like the American Institute of Certified Public Accountants. Independence concerns arise in high-profile contexts involving firms like Arthur Andersen and issues highlighted after the Enron scandal, prompting regulations like Sarbanes–Oxley Act of 2002 and scrutiny by agencies including the Securities and Exchange Commission and Public Company Accounting Oversight Board. Conflicts of interest may involve consulting relationships with audit clients in firms such as McKinsey & Company-advised entities or financial advisory engagements tied to transactions overseen by institutions like International Monetary Fund or World Bank. Professional sanctions and ethical breaches have been addressed in courts and tribunals including the Supreme Court of the United States and national regulatory bodies.
Category:Accounting