BU127 Study Guide - Midterm Guide: Financial Statement, Retained Earnings, Audit

• School: WLU
• Department: Business
• Course: BU127
• Professor: John Young

Document Summary

Csa- to protect investors and maintain the integrity of the securities market. Canadian public accountability board- federal agency that oversees accounting firms that perform auditing engagements of public companies. Managers: responsible for the info in the financial statements and disclosures. Accounting staff (prepare details of the reports and bare responsibility for info) Board of directors: responsible for ensuring that processes are in place for maintaining the i(cid:374)teg(cid:396)ity of the (cid:272)o(cid:373)pa(cid:374)y"s a(cid:272)(cid:272)ou(cid:374)ti(cid:374)g, financial statement preparation, and financial reporting. Audit committee: made up of non-management directors with financial knowledge, (cid:396)espo(cid:374)si(cid:271)le fo(cid:396) hi(cid:396)i(cid:374)g i(cid:374)depe(cid:374)de(cid:374)t audito(cid:396)s. also (cid:373)eet (cid:449)ith audito(cid:396)s to dis(cid:272)uss (cid:373)a(cid:374)age(cid:373)e(cid:374)t"s compliance with their financial reporting responsibilities. Independent auditors: follow established auditing standards to assess the fairness of the financial statements and related presentations. Receive accounting reports and other information about the company from electronic information services. Gather information through conversations with company executives and visits to company facilities and competitors. Results of thei(cid:396) a(cid:374)alyses a(cid:396)e (cid:272)o(cid:373)(cid:271)i(cid:374)ed i(cid:374)to a(cid:374)alysts" (cid:396)epo(cid:396)ts.