Originally, many companies and external auditors tested every process and control, even at the transactional level.
How many other broker-dealer frauds will we see because external auditors are not independent, objective and professionally skeptical enough?
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The review - carried out by the council's external auditors - was ordered following concern about a string of overspends.
He said WSCC had accepted the recommendations of the external auditors over the way major contracts should be managed in future.
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The responsibility for setting the terms and conditions for many grants lies with the Welsh government, however external auditors are employed to seek their certification.
Internal and external auditors, and bank examiners, will recognize this tactic.
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Jeremy Hunt, the culture secretary, has also hinted the corporation pays executives too much and wants to force it to open its accounts to external auditors.
The mess that John Sidgmore, WorldCom's new boss, revealed last week is being investigated by KPMG, which replaced the firm's long-standing external auditors, Andersen (yes, them), in May.
Meanwhile, Mr Knight is pinning his hopes on external auditors.
Last month, the local authority's external auditors reported that they had uncovered shortcomings in the financial management of the service, but no further details have so far been disclosed.
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Audit Committee members are required to proactively probe management, internal auditors and external auditors to gain insight and to make oversight decisions that will hold up, if necessary, in court.
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But, in marked contrast to other European companies that insured Jews murdered in death camps, notably Germany's Allianz and Switzerland's Winterthur, Generali refuses to open its files to external auditors.
The Public Company Accounting Oversight Board (PCAOB), an independent agency of the Securities and Exchange Commission (SEC) created by SOx, develops those auditing standards and regulates external auditors of public companies.
The council has also appointed external auditors to look at thousands of crematorium records to get a comprehensive picture, which would help to deal with the questions and concerns of families.
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