Why Are Verification and Validation Necessary?
Constituencies delegate their authority to denominational boards, committees, and administrators who serve them in a fiduciary capacity. Administrators deserve an independent evaluation of their financial reports; an independent audit provides that validation. Similarly, constituencies are entitled to an independent report on the manner in which their administrators have acquitted themselves of their fiduciary responsibilities. Other Users of Denominational Financial Statements Administrators of senior denominational entities use audited financial statements for a variety of purposes, including financial planning, statistical reports, determining the level of financial self-sufficiency of junior organizations, and evaluating the readiness of administrative entities for promotion to the next level. In certain parts of the world nondenominational third parties, such as financial institutions and regulatory agencies, require independent audit reports. Financial institutions use them to de
Related Questions
- Please speak to the need for further verification/validation of automated compounding devices when the manufacturer states that calibration is the only necessary step?
- What is the purpose of becoming a Greenhouse Gas (GHG) Validation/Verification Body (V/VB)?
- Why is student membership verification necessary?
