International Finance and Accounting Handbook

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31 • 1 CHAPTER 31 MANAGING THE AUDIT RELATIONSHIP IN AN INTERNATIONAL CONTEXT* Norman R. Walker Seymour Jones PricewaterhouseCoo ...

Managing the audit relationship can be a challenging process for both the report- ing entity as well as for the auditors seeking ...

Impermissible nonaudit services include: Financial information systems design and implementation Legal and expert services Inte ...

as well as board of directors is greatly facilitated. Such matters as scope of work, audit findings, proposed audit reports, int ...

cated in that country. Frequently, these requirements extend only to companies that meet certain size requirements, normally tot ...

handling of correspondence and minutes of meetings, and so on, may be required as in Colombia or a tax compliance “audit” may be ...

reports on the audit and reports on internal control or other matters as required by professional standards. This latter approac ...

to also evaluate the auditor in accordance with the Sarbanes-Oxley Act previously discussed above. (iv) Taxes. As part of the au ...

New financial reporting and accounting matters Business advice, including changes in taxation and governmental regulation Perso ...

These meetings can be viewed as the rim on the wheel discussed in the preceding paragraph. Personal acquaintance can go a long w ...

Technical knowledge and expertise Proactivity Coordination of services Engagement team characteristics Fees and cost control Co ...

Relevant direct international experience is a definite plus for all partners and man- agers serving an international company. Su ...

cations tools have become commonplace for virtually all organizations. They have contributed to vastly improved communications a ...

Early identification of issues or opportunities and communication of those matters to the audit committee and appropriate membe ...

ther, it should confirm the company’s assessment of the understanding and meeting of the company’s needs, as well as the respons ...

personnel. The lack of availability of key operating personnel to provide the neces- sary understanding of the company’s operati ...

process of establishing expectations and assessing the qualifications of the firms nor- mally involves considerable discussions ...

Valued, mutually beneficial relationships have historically been maintained by in- ternational companies and their auditors for ...

32 • 1 CHAPTER 32 INTERNAL AUDITING Seymour Jones* New York University CONTENTS 32.1 Introduction 1 32.2 Role of Internal Auditi ...