BU477 Study Guide - Midterm Guide: Contributory Negligence, Risk Assessment, Internal Control
Document Summary
Information risk: risk that information used to make business decision is inaccurate. Remoteness of information (info obtained from others) Audit of financial info other than f/s (single statement) Audit of internal control over financial reporting. Audit of controls of service organization (outsource a lot) Auditing and assurance standards board (aasb) issue audit and assurance standards; set gaas for f/s audits. Canadian public accountability board (cpab) focuses on effective inspections, risk management, thought leadership, and stakeholder engagement. Public company accounting oversight board american; establishes auditing and quality control standards for public company audits. Provincial securities commission administer securities regulations within their jurisdictions. Securities and exchange commission (sec) oversees conduct of securities market and provides investors with reliable information; can influence gaaps and disclosure requirements for f/s; can set rules and prosecute auditors for violating regulations. Standards organized around: purpose of the audit; personal responsibilities of the auditor; auditor actions in performing the audit; reporting.
