Northstar Audit

An external auditor performs an audit, done understanding with particular laws or rules, of the fiscal explanations of a company, administration entity, other legitimate entity, or organization, furthermore will be free of the substance constantly audited. Clients about these entities ' fiscal information, for example, such that investors, administration agencies, and the all public, depend on the outer evaluator on display an impartial What 's more autonomous review report card.

Auditors have the responsibilities as well as management to report internal controls. The auditors must examine closely management’s claim of effectiveness and also physically test the controls. After the examination, the auditors should express their opinion and any recommendations to fix any internal control weaknesses.

RMCF 's growth and success was dependent on both its ability to obtain suitable sites at reasonable occupancy costs for franchised stores and its ability to attract, retrain, and contract with qualified franchisees who were devoted to promoting and developing the RMCF store concept, reputation , and product quality.

2. External auditor: A customer representative of the QS-9000 certification auditor. The auditor's questions may include:

An external auditor reviews a company’s financial reporting processes to attest that the financial statements fairly and accurately represent operational results and conform to generally accepted accounting principles. The audit process provides a reasonable, verifiable basis for the auditors’ opinion regarding the financial statements. An audit plan describes the various procedures that will be used and the purpose of those procedures. While management is responsible for presenting the financial statements, the auditor is responsible for attesting to the measure of risk observed in relation to any possible material misstatement in the financial statements provided. The following is an audit plan for Keystone Computers & Networks, Inc.

An internal auditor is an employee who provides independent evaluations of the company’s financial and operational business activities as well as the operational efficiencies. An external auditor examines the business transactions and financial records for a company that does not employ them.

External auditors are responsible for ensuring a company’s financial statements are free from material misstatement. These individuals work to provide comfort and reliability to third parties, such as investors or creditors, who may rely on a company’s financial performance. As such, auditors must objectively perform audits in a systematic and consistent manner to limit the risk of material misstatement and false representation. However, to conduct an effective audit, extensive planning and supervision is necessary, as defined under the first auditing standard of field work under the Generally Accepted Auditing Standards (GAAS) created by the Public Company Accounting Oversight Board (PCAOB) (find source). This standard states that “the

Internal auditing is an independent objective assurance and consulting acitivity designed to add value and improve an organizations operations.

The internal auditor is responsible for verifying work performed by the company emplotees whoare trained in auditing procedures, mainly used for internal control purposes but external auditors can

Internal auditors cannot effectively provide an analysis on the company’s internal dealings as they are part of the company. External auditors, however, can observe these processes from the outside and then determine where the funds of the company and whether the dealings adhere to the regulations. Using external auditors in a company prevents conflict of interest from happening. Conflict of interest is a situation where an individual or organization has multiple interests and of those multiple interests, one could possible corrupt the motivation for an act on the other when the auditor has any kind of beneficial interest in their client’s performance. In other circumstances, there is also the threat of familiarity where auditors become

Audit services include objective assessment of the evidence made by the internal auditors, to provide an independent conclusion that qualify allow compliance with policies, regulations, standards, legal provisions or other legal requirements; about a system, process, thread, activity, task or other matter of the organization to which they belong. In all well organized and to keep watch on the chain steering control entity, creating a systematic program review and evaluation to verify that delegated responsibilities have been well prosecuted is necessary and that the established policies and procedures they have carried out as planned. Furthermore, it is important that there is regular review by a qualified electrician to determine that the internal control system is generally adequate,

* Independent auditor(s) outside of LJB will need to attest to management’s assessment of said internal controls. Additionally, non-audit services between these two parties (LJB and said independent auditor)

“The role of internal audit is to provide independent assurance that an organization 's risk management, governance and internal control processes are operating effectively”

As an independent objective assurance and consulting activity, internal auditing helps an organization accomplish its objectives by bringing a systematic and displined approach to valuate and improve the effectiveness of risk management so that it could control and governance processes. Its aim is to add value and improve an organization’s operation condition. From

External and internal auditor had different objective this is the external auditor seeks to test the underlying transaction that form the basis of the financial statements whereby the internal auditor seek to advice management on whether its major operations have sound system of risk management and internal controls or in the other words, internal auditor verify corporate operational activity based on documented policies and procedures to determine whether business objective (profitability and regulatory compliance) will achieve and the answer to the entity’s’ governing board or management and external auditors provide reasonable assurance that managements’ assertions over the subject matter (financial statement, compliance) is fairly stated in all material aspects by either error or fraud and they must be independent.