ACC E113 Lecture Notes - Lecture 6: Chartered Professional Accountant, Certified General Accountant, Financial Statement
Document Summary
Management responsibility and the demand for auditing: Primary responsibility for setting up systems to prevent/detect unethical behaviour lies with management, highest officer of the company and financial officer. Three steps to assure investors that company records are accurate. 1) develop and maintain a system of internal controls over both the records and assets. 2) hire outside independent auditors to attest to the fairness of the statement presentations. 3) form a committee of the board of directors to oversee the integrity of these two safeguards ^^ Certification): a report which indicates managements primary responsibility for financial statement information and the steps to ensure the accuracy of the company"s records. Independent audit report: describes the auditor"s opinion of the fairness of the. Chartered accountant (ca), certified general accountant (cga) or financial statements and the evidence gathered to support that opinion. Certified management accountant (cma) are three previous accounting designations which are now one -> chartered professional accountant (cpa)