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Auditors examine, analyze, and interpret accounting records to prepare financial statements, give advice, or audit and evaluate statements prepared by others. or advise on systems of recording costs or other financial and budgetary data.
The State Auditors Office (SAO) provides citizens with independent and transparent examinations of how state and local governments use public funds, and develops strategies to make government more efficient and effective.
The Center for Audit Excellence is responsible for the development of auditing standards of practice and quality assurance based on national standards and Ohio law. Through regular training, the center ensures that all employees working for the Auditor of State are up-to-date on these standards.
The role of the auditor or reviewer is to give a professional and independent on these financial statements. The review or audit of an associations financial report can ensure greater accountability to the members and provide an assurance that all funds received by the organisation have been correctly accounted for.
If you have any questions regarding the information in this bulletin, please contact the Center for Audit Excellence at the Auditor of States Office at 800-282-0370, or send an email to Contactus@ohioauditor.gov.
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Auditors are finance professionals who perform audits they review financial statements, internal processes, and transaction records to assess accuracy and completeness. Internal auditors typically work for the company they audit and guide management on improving recording and reporting processes.
(1) A person shall be eligible for appointment as an auditor of a company only if he is a chartered accountant in practice. (2) Where a firm is appointed as an auditor of a company, only the partners who are Chartered Accountants in practice shall be authorised by the firm to act and sign on behalf of the firm.
Practical Example An auditor is in charge of auditing the financial statements of Company ABC at the end of the year. After carefully auditing in ance with the generally accepted auditing standards, they are able to ensure the companys statements are free of material misstatement.