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The oversight of the audit profession



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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






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


IFAC strongly supports efforts to strengthen and clarify the roles of boards and audit committees in exercising oversight of the statutory audit and financial reporting processes led by management including addressing perceptions that audit committees are not sufficiently independent of management or that there is insufficient communication from the audit committee to shareholders. The SarbanesOxley Act established the PCAOB which replaced the audit professions selfregulatory model with an independent oversight . XVI Of 2015 available At Httpswww.frcbd.orgwpcontentuploads202003Financial ReportingActFRA2015Bangla.pdf Authority And Functions Of The Financial Reporting Council. In 25 years of operation the professions selfregulatory system never issued an adverse or qualified report on a major accounting firm. The professions authority to write its own auditing quality control . The crisis faced by the audit profession led to the implementation of the Sarbanes Oxley Act SOX in the United States in 2002.


Audit Profession

Legislative Audit is a member of the American Institute of Certified Public Accountants AICPA Government Audit Quality Center. Discuss differences. Thus the Board has evolved over time from a startup institution focused on establishing a comprehensive consistent oversight system to a . The PCAOBs implementation of the investor protection mission however is not complete. In Belgium the public oversight system consists of a number of bodies which each assumes part of the responsibility of the oversight of the audit profession. Indeed those in charge of oversight functions are asked to look at a process program or project from above but not to get involved in its daytoday management. Its regulatory responsibilities encompass 54 professions including nursing. The revised European Union EU statutory audit rules significantly impact how the public oversight of statutory auditors and audit firms is . This item is printed on demand Print on Demand Neuware Seminar paper from the year 2007 in the subject Business economics Miscellaneous grade 10. Typically a Chief Audit Executive or CAE will have a direct reporting line to the audit committee which has functional oversight of internal audit activities. Director of Controls Oversight Enterprise Services Risk. Oversight of the audit profession is a key control over the financial reporting architecture of a countrys private sector. Audit Oversight Board AOB continued to expand our audit oversight activities in line with the annual plan approved by the Board leveraging on the foundation built last year. This item is printed on demand Print on Demand Neuware Seminar paper from the year 2007 in the subject Business economics Miscellaneous grade 10 University of.


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