Textbook Notes (367,974)
Canada (161,538)
Accounting (74)
ACTG 3P11 (3)
Chapter 2

CHAPTER 2.docx

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Department
Accounting
Course
ACTG 3P11
Professor
Norman Chasse
Semester
Winter

Description
CHAPTER 2 PUBLIC ACCOUNTING Public Accounting Firms:  Foster independence  Encourage competence  Mitigate litigation risk CICA has complete power to set accounting/auditing standards in Canada. Sarbanes-Oxley Act (USA) Bill C 198 (Canada)  PCAOB  CPAB  Company's management must certify the  Same requirement accuracy of financial statements  Management must certify internal system of  Certification of internal controls, but no auditor controls, also an auditor's opinion opinion required  Increased independence rules for auditors  Also increased independence rules GENERALLY ACCEPTED AUDITING STANDARDS (GAAS) General requirements to help auditors in fulfilling professional responsibilities.  Quality control standards  Ma
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