Home » Mobile Tools Trends » Who Is a Component Auditor?

Who Is a Component Auditor?

Maya Lin-Takahashi • • 6 min read
Who Is a Component Auditor?

Component auditor.
An auditor performing work on the financial information of a component that will be used as audit evidence for the group audit. A component auditor may be a part of the group audit engagement team's firm in a different location, a network firm, or another firm.

Who determines component materiality?

(d) Component materiality – The materiality for a component determined by the group engagement team. (e) Group – All the components whose financial information is included in the group financial statements. A group always has more than one component.

What are 3 types of audits?

There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor's opinion which is included in the audit report.

Maya Lin-Takahashi
Author

Maya Lin-Takahashi

Maya is a hardware enthusiast who tests and reviews smart home devices, smartphones, wearables, and audio gear. She focuses on practical consumer value and build quality.