The five phasesof an audit

Auditor Independence

Auditor qualifications and skills

and

The auditors generally have an accounting bachelor’s degree; to be a good auditor it is needed a combination of academic study and experience, they need to understand of the principles of auditing, accounting, finance, law, business management, among other topics. The auditor needs to have skills for analyze, interpret, and give conclusion about the financial information of the companies and communication skills for give the conclusions of the audit in a clear and professional manner. The audit firms must invest in the training and professional development of their staff, to make sure that the staff is updated with the regulation of the country or changes on the International Financial Reporting Standards

Shareholders need to trust in the work of the auditor, that the auditor reviewed relevant information and did the audit with independence and in the critically way. The audit firms have many standards and regulations to make sure that their staff can audit the financial information with independence. The specific requirements vary around the world, but in general these are: Avoid conflict interest with the company that they are auditing. Do not provide kind of services as implementation of accounting IT systems or similar services Rotation of the key staff, from time to time.