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ACC 521 (21)
Eric Kam (2)
Lecture

ACC 521 – Lecture #3.docx

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Department
Accounting
Course
ACC 521
Professor
Eric Kam
Semester
Fall

Description
ACC521Lecture3ThursdaySeptember202012ProjectpubliccompaniesgetfinancialstatementsauditpreplanandplanpretendyoubelongtoafirmthatwillauditthecompanydoaninvestigationtodecidewhetheryouwanttotakeontheauditGivevariousrisksdocumentitdiscusscompanyiftheyhaveanauditcommitteearetheyworkingPurposeoftheruleistoservethepublicinterestObjectivityandindependenceauditormustremainindependentwithintegrityConfidentialityallinformationiskeepsecretveryimportantprivilegeaccountantscanbesubpoenabutnotlawyersFrameworkforaCodeofConductobjectivetoservethepublicinterestfundamentalprinciplesintegritySelfRegulatoryDisciplineaccountingfirmsandindividualsaresubjecttoainstitutesrulesbychoosingtobelongtoitinspectionsofassuranceworkingpapersinstitutesresponsibilitytoinvestigateallcomplaintsifmembersbreachisseriouschargeslaidmatterbroughtbeforeprofessionalconductanddisciplinarycommitteesifguiltypenaltiespublicationofdecisionandmembersnameselfregulatorysystemnowsupplementedbyCanadianPublicAccountabilityBoardCPABforpubliccompaniesRulesofProfessionalConductCodeTypicalstructureincludesIntroandpurposePublicRegulationDisciplineCanadianPublicAccountabilityBoardCPABisanationalbodythatreviewspubliccompanyauditsandtheauditorsqualitycontrolsystemsPCAOBperformsacomparablefunctionintheUSbothbodiesaretoactIndependenceRule204criticalconceptinpublicaccountingprofessiontomeetpublicexpectationstobeobjectiveunbiasedpublicaccountantsmustnotonlybeindependentinfactandmustalsoappearindependenttoothers
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