Regulation And The Auditing Profession

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Government Auditing Standards - 2018 Revision

Author : United States Government Accountability Office
Publisher : Lulu.com
ISBN 13 : 0359536395
Total Pages : 234 pages
Book Rating : 4.3/5 (595 download)

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Book Synopsis Government Auditing Standards - 2018 Revision by : United States Government Accountability Office

Download or read book Government Auditing Standards - 2018 Revision written by United States Government Accountability Office and published by Lulu.com. This book was released on 2019-03-24 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.

Auditing, Trust and Governance

Author : Reiner Quick
Publisher : Routledge
ISBN 13 : 1134060246
Total Pages : 302 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Auditing, Trust and Governance by : Reiner Quick

Download or read book Auditing, Trust and Governance written by Reiner Quick and published by Routledge. This book was released on 2007-10-17 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this important new book, the European Auditing Research Network gives a timely appraisal of the regulatory environment for financial accounting and auditing in the wake of a series of high profile scandals involving major corporations.

The Oversight of the Audit Profession

Author : Ecaterina Volosin
Publisher : GRIN Verlag
ISBN 13 : 3640192303
Total Pages : 41 pages
Book Rating : 4.6/5 (41 download)

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Book Synopsis The Oversight of the Audit Profession by : Ecaterina Volosin

Download or read book The Oversight of the Audit Profession written by Ecaterina Volosin and published by GRIN Verlag. This book was released on 2008-10 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject Business economics - Miscellaneous, grade: 1,0, University of Glamorgan (Business School), course: International Accounting & Audit, 23 entries in the bibliography, language: English, abstract: This paper provides an overview of the current regulatory frameworks for financial reporting and auditing in the UK, US and Germany. During the last years these frameworks were noticeably changed. These changes arose especially from political interest in accounting regulation following the Enron collapse. The main change in the US was the introduction of the Sarbanes-Oxley Act containing strict regulations for auditors, including their responsibilities and services. It also contains a list of prohibited audit activities, the so-called "non-audit" services. The main feature of the Act was the creation of an oversight board to regulate and control auditors of public companies. Thus the "Public Company Accounting Oversight Board" was established. The PCAOB is a private-sector non-profit overseer, supervised by the US Securities Exchange Commission (SEC) which regulates basically anything related to the securities market. Following the collapse of Enron and the turbulence in the UK markets that followed, a review of financial regulation in the UK was ordered, covering for example auditor independence, corporate governance, financial reporting and auditing standards and accountability of audit firms. In order to restore credibility in UK accounting the Financial Reporting Council (FRC), an independent private sector body funded by the accountancy profession, was set up. The FRC has several subsidiary bodies, including the Professional Oversight Board (POB) providing independent oversight of the regulation of the auditing profession. The German Auditor Oversight Commission (AOC) was established according to the Auditor Oversight Law. It is in charge of the public oversight of all activities of the German Chamber of Public Accounta

Auditing and Society

Author : Wally Smieliauskas
Publisher : Routledge
ISBN 13 : 0429854110
Total Pages : 489 pages
Book Rating : 4.4/5 (298 download)

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Book Synopsis Auditing and Society by : Wally Smieliauskas

Download or read book Auditing and Society written by Wally Smieliauskas and published by Routledge. This book was released on 2020-07-30 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auditing has become an essential component in market societies and the need for auditing skills has risen in line with globalization. This textbook provides a comprehensive overview of the role of financial statement auditing in contemporary society, including the auditor’s role in evaluating the financial reporting of an auditee—a topic of central concern in the recent comprehensive review of the auditing profession in the Brydon Report (2019). The experienced authors provide insight into auditing research to help readers understand its function, regulation, and role in theory and practice. With focus on private sector financial statement auditing and its regulation, the book includes perspectives on social theory, history, and the importance of professional standards. The thought-provoking final chapter challenges students to consider the effectiveness of auditing in evaluating increasingly risky and complex accounting estimates involving assumptions about future events. A fundamental approach to auditing theory, this textbook will be useful reading for advanced undergraduate and postgraduate students across business and accounting fields.

The oversight of the audit profession

Author : Ecaterina Volosin
Publisher : GRIN Verlag
ISBN 13 : 3640192036
Total Pages : 19 pages
Book Rating : 4.6/5 (41 download)

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Book Synopsis The oversight of the audit profession by : Ecaterina Volosin

Download or read book The oversight of the audit profession written by Ecaterina Volosin and published by GRIN Verlag. This book was released on 2008-10-20 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject Business economics - Miscellaneous, grade: 1,0, University of Glamorgan (Business School), course: International Accounting & Audit, language: English, abstract: This paper provides an overview of the current regulatory frameworks for financial reporting and auditing in the UK, US and Germany. During the last years these frameworks were noticeably changed. These changes arose especially from political interest in accounting regulation following the Enron collapse. The main change in the US was the introduction of the Sarbanes-Oxley Act containing strict regulations for auditors, including their responsibilities and services. It also contains a list of prohibited audit activities, the so-called “non-audit” services. The main feature of the Act was the creation of an oversight board to regulate and control auditors of public companies. Thus the “Public Company Accounting Oversight Board” was established. The PCAOB is a private-sector non-profit overseer, supervised by the US Securities Exchange Commission (SEC) which regulates basically anything related to the securities market. Following the collapse of Enron and the turbulence in the UK markets that followed, a review of financial regulation in the UK was ordered, covering for example auditor independence, corporate governance, financial reporting and auditing standards and accountability of audit firms. In order to restore credibility in UK accounting the Financial Reporting Council (FRC), an independent private sector body funded by the accountancy profession, was set up. The FRC has several subsidiary bodies, including the Professional Oversight Board (POB) providing independent oversight of the regulation of the auditing profession. The German Auditor Oversight Commission (AOC) was established according to the Auditor Oversight Law. It is in charge of the public oversight of all activities of the German Chamber of Public Accountants (WPK) with respect to statutory auditors. The Commission has the ultimate responsibility in the areas of licensing, registration, disciplinary investigations and quality assurance, all with respect to members of WPK entitled to provide statutory audit services (WPK, n.d.). It is argued that these new regulations impose another layer of bureaucracy with significant costs for very little apparent gain. But ethical issues surrounding the public’s perception of auditor performance need to be addressed, not just for the sake of the profession, but for the efficiency and effectiveness of capital markets in general (Malthus and Scoble, 2005).

Regulation and the Auditing Profession

Author : Alexei Lubimov
Publisher :
ISBN 13 :
Total Pages : 119 pages
Book Rating : 4.:/5 (893 download)

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Book Synopsis Regulation and the Auditing Profession by : Alexei Lubimov

Download or read book Regulation and the Auditing Profession written by Alexei Lubimov and published by . This book was released on 2013 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of three studies examining three different regulatory issues that affect the auditing profession. The first study has two main foci. First, the study investigates the impact of Sarbanes-Oxley Act (SOX) on the Big 4 fee premium. Second, the study investigates the relationship between the size of an audit client and annual fee change. The results show that in the post-SOX environment, clients of non-Big 4 firms have experienced greater increases in audit fees than the clients of the Big 4 firms, resulting in a diminishing Big 4 premium. This is consistent with the notion that non-Big 4 clients had to make significant adjustments to meet post-SOX quality requirements by increasing their effort (and consequently audit fees). The results also show audit firms' large clients experience the largest percentage increase in audit fees. This is consistent with the theoretical view of consumer surplus, where the large clients, with more resources, have greater levels of consumer surplus, which is being captured by the audit firms. The study contributes to our understanding of the impact of SOX on audit fee premium and the economics of audit market competition in different client segments. The second study is focused on three main areas: 1) the relationship between audit fees and audit market concentration on a country level; 2) the effect of a country's litigation regime on the relationship between audit fees and market concentration and 3) the inter-relations between competition, fees, and quality in the market for audit services. The study is motivated by the current debate in the United States and the European Union about the possible problems associated with the current oligopolistic structure of the audit market.

Auditor Independence and Regulation

Author : Stefan Bode
Publisher : GRIN Verlag
ISBN 13 : 3638903230
Total Pages : 29 pages
Book Rating : 4.6/5 (389 download)

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Book Synopsis Auditor Independence and Regulation by : Stefan Bode

Download or read book Auditor Independence and Regulation written by Stefan Bode and published by GRIN Verlag. This book was released on 2008-02 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2006 in the subject Business economics - Revision, Auditing, grade: 88 %, University of Glamorgan, 34 entries in the bibliography, language: English, abstract: This essay is concerned with the pros and cons of auditor independence and describes the way to the current audit regulation. The editor specifies five major threats which could jeopardise auditor independence. If auditors have any financial or personal interests in their clients then the self-interest threat, the self-review threat, the advocacy threat, the familiarity threat and finally the intimidation threat may occur. The intimidation threat is stressed as the most important one: as auditors highly rely on companies' directors. They have the power to interfere with auditors' work and can cease all lucrative non-audit service contracts if auditors do not agree with their view. Moreover, auditors' remuneration is determined and auditors are appointed by them in reality. Furthermore, it is emphasised that especially in recent times some safeguards have been implemented by the profession, regulation, within the assurance clients and within auditing firms to eliminate the above-mentioned threats. Within the assurance client introduced independent audit committees are widespread. Further, auditing firms have implemented their own more narrowly prescribed ethical standards. Beyond this, it is highlighted that legislation is of paramount importance. The Companies Act 1985, 1989, 2004 and above all the ISA were enacted to enhance auditor independence. The third section commences by describing the past of audit regulation. It is explained that in response to the growing public criticism in the 1960s and 1970s the professional accountancy bodies began slowly to introduce auditing standards, ethical codes, disciplinary, licensing and monitoring arrangements. Further, in the aftermath of the demise of many large companies in the 1980s, the government started to implement a new regu

Regulation of the Auditing Profession and Preparers of Financial Statements

Author : Hong Kong Legislative Council. Panel on Financial Affairs
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (564 download)

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Book Synopsis Regulation of the Auditing Profession and Preparers of Financial Statements by : Hong Kong Legislative Council. Panel on Financial Affairs

Download or read book Regulation of the Auditing Profession and Preparers of Financial Statements written by Hong Kong Legislative Council. Panel on Financial Affairs and published by . This book was released on 2004 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulation and Discipline of the Auditing Profession

Author : Anthony R. Gette
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)

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Book Synopsis Regulation and Discipline of the Auditing Profession by : Anthony R. Gette

Download or read book Regulation and Discipline of the Auditing Profession written by Anthony R. Gette and published by . This book was released on 1978 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Effects of the New Regulations of the Audit Profession on the Audit Firms' Strategies

Author : Mohamed Khaled Eldaly
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (855 download)

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Book Synopsis Effects of the New Regulations of the Audit Profession on the Audit Firms' Strategies by : Mohamed Khaled Eldaly

Download or read book Effects of the New Regulations of the Audit Profession on the Audit Firms' Strategies written by Mohamed Khaled Eldaly and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The audit firms play an important role in the capital markets by verifying that auditors provide reliable information to the decision makers. However, trust in auditing firms has been questioned following Enron's failure and accounting scandals at WorldCom and other companies. As a result, Arthur Anderson failed and the number of big audit firms fell to four firms and no one knows who might be next. Defond and Francis (2005) believe that a critical trigger occurred when Deloitte & Touch issued a "clean" peer review report on Arthur Andersen in December 2001, just a few weeks before Andersen publicly announced that it had shredded documents related to Enron audit. The credibility and integrity of the profession's self-regulation program was immediately in doubt. To protect public interests and to restore confidence in the capital markets, the USA government issued the Sarbanes-Oxley Act (SOX) in 2002. Similarly, the Financial Reporting Council in the UK provided the Professional Oversight Board with similar mission. This thesis aims to explore the role of independent audit regulators in promoting confidence in the audit profession, and analyse the big four firms' strategies that react toward these regulatory changes in the audit markets. The lack of studies in this area supports the use of grounded theory as a research methodology. 24 semi-structured interviews were conducted with the top management level of the audit regulators and big four firms' partners. This study contributes to the literature as it provides a better understanding of the satisfaction of the big four audit firms toward the new independent regulators, and how these firms react toward the additional requirements of the independent inspectors.

Financial regulation

Author : Gerald Vinten
Publisher : Emerald Group Publishing
ISBN 13 : 1845441052
Total Pages : 119 pages
Book Rating : 4.8/5 (454 download)

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Book Synopsis Financial regulation by : Gerald Vinten

Download or read book Financial regulation written by Gerald Vinten and published by Emerald Group Publishing. This book was released on 2005 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulation and the Accounting Profession

Author : John W. Buckley
Publisher : Belmont, Calif. : Lifetime Learning Publications
ISBN 13 :
Total Pages : 266 pages
Book Rating : 4.:/5 (44 download)

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Book Synopsis Regulation and the Accounting Profession by : John W. Buckley

Download or read book Regulation and the Accounting Profession written by John W. Buckley and published by Belmont, Calif. : Lifetime Learning Publications. This book was released on 1980 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Reform and Self-regulation Efforts of the Accounting Profession

Author : United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations
Publisher :
ISBN 13 :
Total Pages : 710 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Reform and Self-regulation Efforts of the Accounting Profession by : United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations

Download or read book Reform and Self-regulation Efforts of the Accounting Profession written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations and published by . This book was released on 1978 with total page 710 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Strengths and weaknesses of the oversight over the auditing profession in the UK and USA. A description, analysis and discussion

Author : Roberto Niesing
Publisher : GRIN Verlag
ISBN 13 : 3638069478
Total Pages : 21 pages
Book Rating : 4.6/5 (38 download)

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Book Synopsis Strengths and weaknesses of the oversight over the auditing profession in the UK and USA. A description, analysis and discussion by : Roberto Niesing

Download or read book Strengths and weaknesses of the oversight over the auditing profession in the UK and USA. A description, analysis and discussion written by Roberto Niesing and published by GRIN Verlag. This book was released on 2008-06-25 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject Business economics - Revision, Auditing, grade: 1,0, University of Glamorgan, language: English, abstract: The Assignment describes and analyses the strengths and weaknesses of the oversight over the auditing profession in the UK and USA. Also different important points were examined and critically discussed. In the film ‘Enemy of the state’ (2007) the American government wants to pass a law which allows wide observation which would endanger privacy. To reach this goal, Senator Reynolds even kills an opposing politician who had tried to avoid this act. At the end of the movie a simple question can be asked: “who controls the controller?”. The same issue was relevant when Enron became spectacularly bankrupt. This big conglomerate was audited by the accountancy firm Arthur Andersen. Andersen’s company also offered Enron non-audit services like book-keeping and consulting. Through this lack of independence, the auditors were trapped in a big conflict of interest and could not do their work. Since this huge disaster many changes in the oversight of auditing have taken place. Especially in the USA and the UK, control of auditing was reformed by the government. The following sections will provide detailed descriptions of the oversight systems in both countries. Afterwards a discussion and a critical analysis will outline the pros and cons for each regulation scheme and a consideration of the best way to point out the advantages and chances for oversight profession will be presented.

Auditor Independence

Author : Ismail Adelopo
Publisher : Routledge
ISBN 13 : 1317177428
Total Pages : 368 pages
Book Rating : 4.3/5 (171 download)

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Book Synopsis Auditor Independence by : Ismail Adelopo

Download or read book Auditor Independence written by Ismail Adelopo and published by Routledge. This book was released on 2016-04-08 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Auditor Independence, Ismail Adelopo argues that the importance of auditors' independence cannot be over-emphasised. Not only do auditors provide certification of the truth and fairness of the information prepared by managers, they also have a duty to express opinions on the degree of compliance with laws and regulations guiding a firm's operations. Theirs is a socially important responsibility. In all that has been proposed to mitigate the governance crisis and restore confidence in the market system, relatively little attention has been paid to auditor independence. Examining the historical role of auditing in corporate governance and the regulatory context, this book sets the function within a theoretical framework and then provides empirical analysis of the problem issues such as the relationship between audit committees and external auditors and the probity of providing non-auditing services to audit clients. The focus on matters that are damaging to market confidence and threatening to the reputation of the auditing profession, means the conclusions and recommendations in this book are important for key stakeholders, including policy makers, regulators, those running companies, and their investors and customers. This is also a book for those responsible for training in the auditing profession and for others with a research or academic interest in the matters addressed.

Statutory Audits in Europe

Author : Michael Kend
Publisher : Taylor & Francis
ISBN 13 : 1000850382
Total Pages : 150 pages
Book Rating : 4.0/5 (8 download)

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Book Synopsis Statutory Audits in Europe by : Michael Kend

Download or read book Statutory Audits in Europe written by Michael Kend and published by Taylor & Francis. This book was released on 2023-03-10 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of the Global Financial Crisis, corporate collapses, accounting scandals, and concerns around competition and auditor choice, the European Commission (EC) promoted the preparation of various reports on audit policy to support a harmonisation process of European auditing regulation. Consequently, the European Union (EU) Audit Regulation and Directive was implemented from 2016. This book provides a timely picture of the audit sector and how it responds to regulatory and technological challenges. It analyses the impact of EU reforms on audit practices by comparing the UK and Italy, which, representing two very different regulatory and cultural contexts, will offer insight into how the efforts at standardising audit regulation may lead to very different organisational firm responses within Europe. It addresses issues relating to public policy work and the concerns faced by the market for audit and assurance services, in promoting audit quality, better communication about the role of the auditor, capital market stability and confidence, and auditor independence. Moreover, it highlights what the future of auditing might look like in the EU particularly now that the UK has left, and how meeting public expectations will continue to be a struggle for the accounting profession given the many problems ahead. The book encourages a deeper awareness of the challenges faced by those that monitor and certify the financial statements of the world’s largest public companies and contributes to the general understanding of this controversial industry. It will serve as a useful guide to the recent EU audit reforms, not only for academics, and research students but also to regulators, policymakers, standard setters, industry professionals, and business executives worldwide.

Contemporary Issues in Accounting Regulation

Author : Stuart McLeay
Publisher : Springer Science & Business Media
ISBN 13 : 1461545897
Total Pages : 225 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis Contemporary Issues in Accounting Regulation by : Stuart McLeay

Download or read book Contemporary Issues in Accounting Regulation written by Stuart McLeay and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contemporary Issues in Accounting Regulation looks at accounting regulation in a different way. The opening chapters explore the tension between the power of the state and the forces of the market, and other aspects of the political dimension to accounting regulation. The book also examines the process of setting accounting standards, highlighting the crucial role of standard setters in assessing the level of public support for an issue in the face of opposing positions taken by powerful interest groups. In addition, the book provides an introduction to the theoretical framework of accounting regulation, looking at choices between controversial accounting methods and at markets that are characterized by asymmetry of information and beliefs. The final chapters of the book are concerned with creative accounting, deregulation of financial reporting by smaller companies, and the link between price regulation and accounting policy choices.