LEGAL AUDITOR
WHO IS THE LEGAL AUDITOR?
Legal Auditor; if you are looking for an auditor you must know that this role has the responsibility of controlling and verifying the compliance to the Italian and International laws of the balance sheets of public and private companies.
The carried out activity has the name of “accounts legal audit” and leads to the draft of a final document called “Report by the Accounting Auditor and/or other subject/business auditing company” including the “balance sheet judgment”, which is an opinion on the formal and substantial correctness of the balance sheet itself. The legal audit can be carried out since requested by the law (“legal audit of accounts”) or voluntarily.
The legal accounts audit is therefore an activity oriented to safeguard the reliability of the financial communication for external relevance of the companies in order to protect all the parties(for example, the shareholders, the employees, the clients, the service providers, the Exchequer) interested in the activity of the company and its evolution. It also aims to guarantee the market transparency.
ACTIVITY AND SKILLS OF THE LEGAL AUDITOR
Plans the intervention:
- To analyze the organizational background;
- To carry out the preliminary investigation of the internal supervision procedures;
- To carry out the preliminary investigation of balance sheet;
- To arrange an audit program;
- To determine the “intrinsic risk”.
Verifies the internal supervision system:
- To analyze the internal supervision procedures, to verify their operation, to consider its effectiveness;
- To apply the compliance tests;
- To assess the impact on audit, determine the “control risk”
- To produce analysis and summary documents
Controls the accounts and the accounting documents:
- To verify the correctness of the administrative procedures and their application
- To verify the correctness of the accounting registrations
- To verify the correctness and the correspondence of the balance sheet to the law norms
- To verify the application of the National or International Accounting Principles
- To produce analysis and summary documents
Re-elaborates the audit documents:
- To verify the correctness and the completeness of the documents produced during the audit
- To modify and integrate the documents, if needed
Drafts the report of legal audit:
- To draft the audit report
- To draft a letter of suggestions for the company management(Management Letter)
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