STATUTORY AUDITOR Definition

Bookmark and Share

STATUTORY AUDITOR is normally part of the internal audit function operating in one or more of the following areas: a. Review of the Accounting Systems and the related internal controls. Thus while the adequacy of the accounting systems is the responsibility of the Management, the Statutory Auditor is usually assigned the specific responsibility for reviewing the accounting systems and the related internal controls, as also monitoring their operations; b. Review of financial and operating information including identification, measurement, classification and reporting such information specifically enquiring into individual items including detailed testing of transactions, procedures and balances; and, c. Examination of the economy, efficiency and effectiveness of operations including non-financial controls.

Learn new Accounting Terms

OPERATING TRANSFER specifically identifies the transfer of resources from one fund/account to another made to support the normal level of operations of the receiving fund/account.

EEO is Equal Employment Opportunity or Equal Employment Office.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.