Shadow Audit definition
Shadow Audit means audited consolidated financial statements of Parent and its Subsidiaries prepared under IFRS, consistently applied, together with an unqualified opinion (other than (a) a “going concern” or similar qualification or exception as to or a qualification resulting solely from the scheduled maturity of the Notes occurring within one year from the date such opinion is delivered and (b) any non-material qualifications arising solely as a result of a change in IFRS or change in practice or interpretation by the Danish Business Authority or other Danish Governmental Authority) on the financial statements from an Approved Accounting Firm.
Shadow Audit means an Inspection Audit carried out by another Auditor that the Auditor observes in order to improve their knowledge of auditing practices and auditor competencies.
Examples of Shadow Audit in a sentence
Agree to allow representatives of the APM and/or RBA staff to accompany the Audit Firm to Shadow Audit the VA with the objective of Audit firm and VA Process improvement.