From the course: Audit and Due Diligence Foundations
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Certified audit
From the course: Audit and Due Diligence Foundations
Certified audit
- A certified independent audit is the strictest way to evaluate a company's financial activities and it has very specific guidelines. This includes the generally accepted auditing standards from the American Institute of CPAs. The most important rules are that first an audit must be done by a CPA. Second, the CPA doing the audit must be independent and do no other accounting work at the time of the audit for the company being examined. If you do the audit you should not and cannot be doing anything else. No payroll, no accounts receivable, no accounts payable, nothing else. Third, independent audit needs to focus on accuracy and completeness of company financials and it's focused on the company's adherence to generally accepted accounting principles or GAAP. Fourth, the CPA and all related staff must show due professional care. This means that when they evaluate a company's financial transactions, assets, and records…
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