BUS 426 Lecture Notes - Financial Audit, International Financial Reporting Standards, Audit Risk

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 426
• Professor: Brad Bart

Document Summary

Preface: auditing an international approach, fifth edition, smielauskas & Many professional developments have taken place in the first decade of the 21st century. These include adoption of new canadian auditing standards (cass), the further development of public accountability boards and their monitoring activities, and increasing emphasis on corporate governance, internal controls, risk-based auditing, independence and quality controls. In this edition, we summarize these developments through mid 2009, offering our perspective on their significance. We refer to this dramatically altered corporate landscape as the post- enron audit environment. In this environment, we see not only radical changes in audit standards and the regulatory environment, but also significantly revised expectations of the auditor"s role in corporate governance and capital markets. The environment is characterized by more risks for auditors and their clients than ever before, as well as more restrictions on non-audit services for audit clients.