What is independent audit function?
The overall purpose of an audit function is to provide for verification of records, processes or functions in a sufficiently independent manner from the institution or subject being audited in order to add its value and improve its operations.
The overall objective of an independent audit is:to express an opinion with regards to the financial statements---in their entirety---as to whether they are presented in conformance to US GAAP.
The independent audit is typically performed by a CPA external to the organization and is therby presenting an unbiased opnion void of any conflicts of interest.
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