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Corporate Governance in the Aftermath of the Global Financial Crisis, Volume III by Zabihollah Rezaee

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CHAPTER 4

External Audit Function

Introduction

External auditors are expected to lend more credibility to published financial statements and to mitigate the information asymmetry and the potential conflicts of interest between management and shareholders. External auditors are responsible for auditing the company’s financial statements and providing reasonable assurance that they are presented fairly and in conformity with generally accepted accounting principles (GAAP) and reflect a true representation of the company’s financial position and results of operations. The external audit function is an essential component of corporate governance and should be regarded as an external corporate governance mechanism. It serves to protect investors from ...

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