endurskoðunarstöðlur

Endurskoðunarstöðlur are institutions or facilities designated to perform independent audits. They can be private audit firms, public sector audit offices, or other designated bodies tasked with examining financial statements, compliance with laws and regulations, and the effectiveness of internal controls. The term emphasizes the place where auditing activity occurs and is used in Icelandic to refer to these independent audit functions rather than a single corporate type.

The core purpose of endurskoðunarstöðlur is to provide assurance to stakeholders that reported information is accurate, operations comply with applicable laws and policies, and internal controls function as intended. Audits typically involve planning and risk assessment, evidence gathering through testing and validation, evaluation of control environments, and the communication of findings in an audit report with recommendations for improvement. They may also include follow-up to assess whether corrective actions have been implemented.

Standards and regulation guide the work of endurskoðunarstöðlur. Audits are generally conducted in accordance with internationally recognized auditing standards, with auditors required to maintain independence from the entities they review. In Iceland, professional oversight and licensing exist to ensure auditors’ competence and ethical conduct, and auditors are held to statutory and professional requirements.

Endurskoðunarstöðlur operate in both private organizations and public administration, providing independent assurance that supports governance, transparency, and accountability. They complement internal audit functions and help stakeholders rely on financial reporting and compliance processes.