IAU Branches to be Subject to Independent Audits

Tuesday, January 22, 2019 - 13:04

The president of Islamic Azad University has stated that all IAU branches’ financial statements will be audited independently, based on its budget for the first time.

According to an ISCA report, Dr. Mohammad Mehdi Tehranchi said that based on each IAU unit’s budget allocation and in order to raise the universities’ quality and quantity, independent audit will be done.

Mentioning his trips to all the units and branches, Dr. Tehranchi added that independent financial audits will undeniably have positive effects on the process of universities’ activity.

An independent audit is an examination of the financial records, accounts, business transactions, accounting practices, and internal controls of a charitable nonprofit by an "independent" auditor.

During the independent audit, the auditor will review the organization’s financial statements to determine whether they adhere to generally accepted accounting principles.

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