Đang chuẩn bị nút TẢI XUỐNG, xin hãy chờ
Tải xuống
Chapter 2 "The financial statement auditing environment", in this chapter you will be familiar with the different types of auditors; be familiar with the various services offered by assurance providers; understand the organization and composition of public accounting firms; understand the significant changes that have taken place in the auditing profession over the past decade;. | The Financial Statement Auditing Environment Chapter Two A Time of Challenge and Change 1990 During the economic boom of the late 1990s and the early 2000s, accounting firms aggressively sought opportunities to market a variety of high-margin non-audit services to their audit clients. 1990 2000 A Time of Challenge and Change A Series of Scandals Enron WorldCom Parmalat Lernout & Hauspie Ahold Arthur Andersen Regulation Self-regulation by the profession versus government regulation Stricter regulation and more public oversight International Standards on Auditing more comprehensive Auditors’ Legal Liability Threat of legal liability: Main deterrent to auditor’s misconduct Legal doctrines: Joint and several liability Proportional liability Liability caps Litigation exposure and audit markets: Concentration Barriers to entry Liability reforms International Federation of Accountants (IFAC) International Organisations that Affect the Accounting Profession International Federation of Accountants IFAC International Accounting Standards Board IASB International Organization of Securities Commissions IOSCO International Organization of Supreme Audit Institutions INTOSAI European Union EU EU 8th Directive on Statutory Audits United States Securities and Exchange Commission (SEC) Public Company Accounting Oversight Board (PCAOB) Financial Accounting Standards Board (FASB) American Institute of Certified Public Accountants (AICPA) International Auditing and Assurance Standards Board (IAASB): Standards Auditing Standards Auditing standards serve as guidelines for and measures of the quality of the auditor’s performance. IFAC members IAASB issues International Standards on Auditing (ISAs). ISAs are considered to be minimum standards of performance for auditors. General Principles and Responsibilities ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing ISA . | The Financial Statement Auditing Environment Chapter Two A Time of Challenge and Change 1990 During the economic boom of the late 1990s and the early 2000s, accounting firms aggressively sought opportunities to market a variety of high-margin non-audit services to their audit clients. 1990 2000 A Time of Challenge and Change A Series of Scandals Enron WorldCom Parmalat Lernout & Hauspie Ahold Arthur Andersen Regulation Self-regulation by the profession versus government regulation Stricter regulation and more public oversight International Standards on Auditing more comprehensive Auditors’ Legal Liability Threat of legal liability: Main deterrent to auditor’s misconduct Legal doctrines: Joint and several liability Proportional liability Liability caps Litigation exposure and audit markets: Concentration Barriers to entry Liability reforms International Federation of Accountants (IFAC) International Organisations that Affect the Accounting Profession .
