Auditor. An individual qualified (at the state level) to conduct audits. A person with competence to conduct an audit. An auditor may be an internal auditor (an individual whose primary job function is to audit his or her own company) or an external auditor (an individual from outside the company, who typically is employed by an auditing firm who handles many different clients).
Roles and Responsibilities
Description of the abilities, proficiencies, know-hows, skills the a person must possess in order to carry out the risk management responsibilities
- Business Skills
- Technical Skills
- General Skills (Linguistic)
Indication as to whether the function is formally segmented into seniority levels (e.g. junior, senior) that have material skill / experience requirements and are not simply organizational arrangements.
Experience denotes the intangible qualities acquired by a person in the process of having performed certain functions in the past
- Required experience in related business models
- General work experience
Education denotes any formal and long duration training that is considered an important prerequisite for a role
- Educational level, e.g., university or college degree
- Subject matter of studies / Specialization
- Educational institution
Qualifications are formal certifications that a person fullfils some professional requirements
- Admitance to professional societies etc.
Auditors have power independently of the board, e.g., power to assess the quality of the financial reports. Also has obligations to the statutory authorities in that regard. The auditor has obligations to the shareholders which are not directly to the Board. Their specific role is to supervise the board to ensure they are acting on behalf of the shareholders. To report to the shareholders on the activities of the Board. Therefore, an Auditor's report is a required part of the financial reports. They are responsible for providing a true and fair view of the financial positions of the company. Election - Put up by the board. Appointed by the Board on behalf of the shareholders. Can be voted out by the shareholders at an AGM or EGM but the board can also put up a competitive process. Normally board elects them but the shareholders can override that selection.
This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.