Textbook Notes (362,734)
Canada (158,032)
Accounting (526)
ACC 521 (14)
Chapter 2

Chapter 2 - Auditors' Professional Roles and Responsibilities

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Ryerson University
ACC 521
Larry Yarmolinsky

Chapter 2 –Auditors’Professional Roles and Responsibilities The Sarbanes-OxleyAct Afive member board created to oversee the auditors of public companies. Key features included: • Increased oversight of auditors • Increased penalties for corporate wrongdoings • More timely and extensive financial disclosures Auditors are self-regulating in Canada. Regulation of public accounting in Canada is a provincial matter. • In recent years, public accounting has been opened to all designations of accountants. • In addition to provincial regulations, other factors affect the profession, such as securities commissions, federal regulators and the legal environment. Practice Standards Practice standards are general guides for professional work. • Generally accepted auditing standards (GAAS). • Assurance standards. • General Standards of Quality Control for Firms PerformingAssurance Engagements. • Quality control standards as reflected in peer reviews and practice inspections. GenerallyAcceptedAuditing Standards – GAAS Importance of GAAS is that they identify the objectives and key principles of the financial statement audit. • Must follow CAS 200 • Audit Guidelines (AuGs) – part of the CICAHandbook that provides procedural guidance on implementing GAAS. Objective of an audit of financial statements – To enable the auditor to express an opinion on whether the financial states are prepared, in all material aspects, with an applicable financial reporting framework. • Auditor standards: 1. Conduct audit in accordance with CAS 2. Comply with CAS 3. Obtain reasonable assurance that f/s is free from material misstatement 4. Plan and perform audit to reduce audit risk to an acceptably low level. The auditor should comply with relevant professional ethical requirements relating to audit engagements.
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