Company Audit and Relationship among Audit Committee, Internal, External Auditors, Board of Directors and Management:

Company Audit and Relationship among Audit Committee, Internal, External Auditors, Board of Directors and Management:

There is a direct relationship among all the concerned stakeholders for a company audit process. The audit is an inspection process through which a company or business venture is normally examined by an independent body. The Modern day business mostly gives weight to the Ethics and complete business controls, through that way they achieve the effectiveness and efficiency in their daily business performance. That the reason the internal control by business operations staff, management and leadership is the key to success in business. Although the external auditors for the business financial reporting and statements analysis still important for the business and company legal value and worth. Here is the short and glance view of the different organization stakeholders role in the audit process.

Board of Directors and Management:

               Before elaborating the different stakeholder's role in audit process lets a shot understating to their professional value. Business management playing a key role in the Planning, Organizing, Controlling and Leading in the whole business process and also responsible for the timely decision-making. The Audit Committee playing a glance role in the complete controlling of the business operations, and financial performance that committee is like a sniffing tool for the company. The Internal auditors of the company workout on the professional process and financial reporting and policies for the business operations. The external auditor workout on the business financial process and statements analyses and the key function is to make the performance report for the equity holders, government authorities and business owners for business future.

Management overall responsibility is to protect the business assets and design a system for business where the company has a complete mechanism and ability to establish, maintain and evaluate its process and internal control system.

Audit Committee:

          The Audit Committee is a complete team of top professional in their sectors and they perform a plate form to the company board of directors and assist them to make the decision and take the important responsibilities and decisions regarding the company operations and its future process. The Financial reporting policies and communication flow control is a key example of its role.

External Auditors:

          The External Auditors are the outsourced consultants for the company which examines the company financial performance its financial communication process and the areas of business process and important business policies and on the basis of their financial statements and business process analysis they achieve the ability to make an independent view and inform the company management and directors and other stakeholders to improve their weaknesses.

Internal Auditors:

          The Internal Auditors are the company hired professionals they act like the sniffers or firewall for the company and on time to time basis assist the board of directors and company professionals and management staff in their operational and financial roles. The Internal Auditors follow the protocols for internal control, internal check over the company financial and operational policies to check the business daily financial transactions, reporting and operational decisions process. Their Internal help assists the company to make the decision timely basis and achieve the high level in their performance and productivity.

Direct Relationship:

        The above-explained roles directly have the relationship between each other according to their relationship the audit committee selected by the board of directors to assist them in their policies and decision-making process for business complete processes like financial reporting, operations management, and business process controls. The Internal auditors provide the assurance to the audit committee and business top-level management including the board of directors that about the timely reviews over their policies and business results like how much their policies, controls, and financial performance is reliable, integral for their future performance. The problems discussed during their reviews help out the board of directors to make the possible changes in the business controlling policies. The external auditors keep a strict check out over the business financial statements and analyze the complete business process according to the financial results. Their role is to check the business financial health and its performance for the present and future.