Public Accounting Firms:
Mitigate litigation risk
CICA has complete power to set accounting/auditing standards in Canada.
Sarbanes-Oxley Act (USA) Bill C 198 (Canada)
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