ACCO 400 Study Guide - Final Guide: Internal Control, Public Company Accounting Oversight Board, John Molson
Document Summary
Of course, these stakeholders knew that senior management, generally ceos, cfos and controllers, were to blame as they perpetrated the frauds. But these managers were also surrounded with competent and knowledgeable auditors that could have prevented the frauds. This may motivate them to unfaithfully represent information. For instance, from a company perspective, management might want to obtain an important loan to finance their activities. The globalization of financial markets has created a demand for greater comparability between financial statements prepared across borders. With over 120 nations adhering to. International financial reporting standards (ifrs), the international accounting standards. The canadian governing bodies of the audit environment are currently undergoing major changes. However the presence of three designations of accountants with different educations and specialties created confusion for the public, which eventually lead to their unification. As mentioned, these designations are responsible for overseeing auditors, but the standards they must follow are regulated, in canada, by the accounting.
