query: the aicpa auditing standards board ( asb ) sets auditing standards for audits of

pos: Auditing Standards Board Auditing Standards Board In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public accountants (CPAs) for non-public company audits. Created in October 1978, it is composed of 19 members representing various industries and sectors, including public accountants and private, educational, and governmental entities. It issues pronouncements in the form of statements, interpretations, and guidelines, which all CPAs must adhere to when performing audits and attestations. The American Institute of Certified Public Accountants

pos: Statements on Auditing Standards (United States) Statements on Auditing Standards (United States) In the United States, Statements on Auditing Standards provide guidance to external auditors on generally accepted auditing standards (abbreviated as GAAS) in regards to auditing a non-public company and issuing a report. They are promulgated by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA), which holds all copyright on the Standards. They are commonly abbreviated as "SAS" followed by their respective number and title. With the permission of the AICPA, the full text of Standards 1–101 has been posted on the website of the Digital Accounting Collection at the

neg: Auditing Standards Board as attestation and quality control. The PCAOB adopted the ASB's auditing and attest standards as its temporary auditing rules in 2003. The AICPA subsequently changed the designation of the leading GAAS-setting authority in February 2004. It designated the PCAOB as the authoritative body for GAAS related to public companies, while the ASB was designated for non-public companies. The Auditing Standards Board consists of 20 members (see table for current Board members), each nominated by the Director of the AICPA Audit and Attest Standards Staff and approved by the AICPA Board of Directors. The Board has a Chairman to direct Board

neg: Generally Accepted Auditing Standards Generally Accepted Auditing Standards Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory. In the United States, the standards are promulgated by the Auditing Standards Board, a division of the American Institute of Certified Public Accountants (AICPA). AU Section 150 states that there are ten standards: three general standards, three fieldwork standards, and four reporting standards. These standards are issued and clarified Statements of Accounting Standards, with the first issued in 1972 to replace previous

neg: Auditing Standards Board by the auditor." In 1936 the AICPA revised its prior pronouncements and issued "Examination of Financial Statements by Independent Public Accountants", which contained more detailed guidance on performing audit procedures for audits of small and mid-sized companies, while still emphasizing the need to perform the audit based on the nature of the client, its size, and its internal control structure, among other attributes. On January 30, 1939, the Committee on Auditing Procedure was formed by the AICPA to evaluate, discuss, and issue guidance exclusively on auditing-related matters. This Committee is considered the antecessor of the Auditing Standards Board, and was

neg: Auditing Standards Board through 1978 the Executive Committee issued SAS as the authoritative guidelines and rules for auditing, issuing a total of 23 SAS. In October 1978, following extensive studies by the AICPA and its sub-committees, its governing council established the Auditing Standards Board as the maximum authoritative body in establishing GAAS, thereby consolidating and replacing all previous senior technical committees. It required all AICPA members and public accountants to adhere to the ASB’s pronouncements in relation to audit, attestation, and quality control. The ASB would now define auditor responsibilities and provide guidance to allow them to accomplish work and emit a report,

neg: Auditing Standards Board on the AICPA website. A quorum comprises the majority of ASB members or their representatives, and other members of the AICPA are usually invited also. Proposed pronouncements are discussed in the ASB meetings, and the board members must vote before to issuing a draft proposal (called an "exposure draft") or the final version to the public with two-thirds of ASB members in favor. The voting results are included in the meeting highlights published, and any ASB member who dissents from issuing a pronouncement may request that the reasons for dissenting be included in the exposure draft or final pronouncement. Auditing

neg: Statements on Auditing Procedure Statements on Auditing Procedure Statements on Auditing Procedure were issued by the Committee on Auditing Procedure of the AICPA from 1939 to 1972. The Committee issued 54 SAPs before it became the Auditing Standards Executive Committee (AcSEC) and began issuing Statements on Auditing Standards.Statement on Auditing Standards No. 1 summarized and superseded the 54 SAPs. The history of the Statements on Auditing Procedures began in 1917 when the American Institute of Accountants (the predecessor organization for the AICPA) was asked by the Federal Trade Commission to prepare a "memorandum on balance-sheet audits." The resulting document was published in the April

neg: Auditing Standards Board is crucial for the completion of the project. ASB proposed pronouncements are discussed within the ASB membership, the AICPA and with the general public. The ASB meets periodically to discuss auditing issues and prepare and draft pronouncement proposals, and occasionally holds public hearings. The meetings are considered informal (no set of formal rules) to encourage open deliberation between its members. Matters which affect public interest, such as proposals of new SAS, are open to the public. The meetings and hearings are established by the ASB Chair, with public notices and meeting highlights and summaries printed in "The CPA Letter", and

neg: Statement on Auditing Standards No. 99: Consideration of Fraud Statement on Auditing Standards No. 99: Consideration of Fraud Statement on Auditing Standards No. 99: Consideration of Fraud in a Financial Statement Audit, commonly abbreviated as SAS 99, is an auditing statement issued by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) in October 2002. The original exposure draft was distributed in February 2002. SAS 99, which supersedes SAS 82, was issued partly in response to contemporary accounting scandals at Enron, WorldCom, Adelphia, and Tyco. The standard incorporates recommendations from various contributors including the International Auditing & Assurance Standards Board. SAS 99 became effective for

neg: International Standards on Auditing International Standards on Auditing International Standards on Auditing (ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L) ISA guides the auditor to add value to the assignment hence building confidence of investors. The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international auditing

neg: Auditing Standards Board with generally accepted auditing standards, and the Committee issued a booklet titled "Generally Accepted Auditing Standards—Their Significance and Scope" to adopt the SEC’s requirement. In 1963, the Committee issued "Statement on Auditing Procedure No. 33" to consolidate and replace various pronouncements issued between 1949 and 1963, including pamphlets and statements. In 1972, the AICPA implemented significant changes to its standard-setting practices by consolidating all auditing pronouncements up to that date under Statements on Auditing Standards (SAS), and gave the Committee the title of senior technical committee on auditing matters while changing its name to Auditing Standards Executive Committee. From 1972

neg: American Institute of Certified Public Accountants American Institute of Certified Public Accountants Founded in 1887, the American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 418,000 members in 143 countries in business and industry, public practice, government, education, student affiliates and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It also develops and grades the Uniform CPA Examination. The AICPA maintains offices in New York City; Washington, DC; Durham, NC; and Ewing, NJ. The

neg: Generally Accepted Auditing Standards Standards in Auditing (ISAs). Many of the AU sections are being remapped as part of the Clarity Project. In October 2011, SAS 122 was issued which superseded all previous SASes except 51, 59, 65, 87, and 117-20. In the interim period, these new AU sections are referred to as AU-C until 2014. The AICPA provides a list of the AU-C standards. International Standards on Auditing are stated by the International Auditing and Assurance Standards Board of the International Federation of Accountants. Derivatives of ISAs are used in the audit of several other jurisdictions, including the United Kingdom. Generally Accepted Auditing

neg: Auditing Standards Board among others. The Sarbanes-Oxley Act of 2002, as amended by the Dodd-Frank Act, changed the hierarchy of generally accepted auditing principles and standards. The legislation established that the new Public Company Accounting Oversight Board (PCAOB) and the Securities Exchange Commission (SEC) now had final authority over auditing regulation and public-auditor professional-practices standards for audits of public companies, also referred to as "issuers". Public accountants and firms who audit public companies were required to register with the PCAOB and follow all standards, principles, rules, and interpretations issued by the PCAOB in regard to public company audits and audit reports, as well

neg: Government Auditing Standards yellow book standards. In addition to financial audits, the Yellow Book standards cover Performance Audits, which evaluate the performance of a program or project against defined objectives, such as objectives for efficiency and effectiveness. The International Organization of Supreme Audit Institutions (INTOSAI) has developed the INTOSAI Auditing Standards Government Auditing Standards The Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the "Yellow Book", are produced in the United States by the Government Accountability Office (GAO). The standards apply to both financial and performance audits of government agencies. Five general standards are included: The Yellow Book standards are used

neg: Statements on Auditing Standards (United States) J.D. Williams Library of the University of Mississippi. Links to these full-text records appear in the List of Statements of Auditing Standards below. The American Institute of Certified Public Accountants began codifying the Statements on Auditing standards semiannually in 1976. The "Codification of Statements on Auditing Standards" is generally issued in January, and the "U.S. Auditing Standards" is issued as part of the "AICPA Professional Standards" in June of each year. The current U.S. Auditing Standards are available at the AICPA's Web site. Below is a list of older codifications from the "Professional Standards." Statements on Auditing Standards (United States)

neg: American Institute of Certified Public Accountants Board (FASB). Following this, it retained its standards setting function in areas such as financial statement auditing, professional ethics, attest services, CPA firm quality control, CPA tax practice, business valuation, and financial planning practice. Before passage of the Sarbanes-Oxley law, AICPA standards in these areas were considered "generally accepted" for all CPA practitioners. In the early 2000s, federal public policy makers concluded that where independent financial statement audits of public companies regulated by the U.S. Securities and Exchange Commission are concerned, that the AICPA's standards setting and related enforcement roles should be transferred to a government empowered body with more

neg: Auditing Standards Board the first to issue Statements on auditing standards and principles to the public accounting community. In 1941 it issued a pamphlet titled "Statements on Auditing Procedure", which discussed the auditor’s responsibility in applying judgment in audits. It was followed by a series of numbered pronouncements called "Statements on Auditing Procedures", or SAP (the antecessors of Statements on Auditing Standards), issued between 1939 up to the early 1970s for a total of 54 SAP pronouncements. During that time, the Securities Exchange Commission required public accountants to include a representation in their independent audit reports that the audit was performed in compliance

neg: Accounting International Auditing and Assurance Standards Board sets international standards for auditing, assurance, and quality control; the International Ethics Standards Board for Accountants (IESBA) sets the internationally appropriate principles- based "Code of Ethics for Professional Accounts" the International Accounting Education Standards Board (IAESB) sets professional accounting education standards; International Public Sector Accounting Standards Board (IPSASB) sets accrual-based international public sector accounting standards Organizations in individual countries may issue accounting standards unique to the countries. For example, in the United States the Financial Accounting Standards Board (FASB) issues the Statements of Financial Accounting Standards, which form the basis of US GAAP, and

neg: Government Auditing Standards Government Auditing Standards The Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the "Yellow Book", are produced in the United States by the Government Accountability Office (GAO). The standards apply to both financial and performance audits of government agencies. Five general standards are included: The Yellow Book standards are used by auditors who examine the federal government, including the Government Accountability Office, various offices of Inspectors General, and others. Many local government performance auditors also use the yellow book standards. In addition, CPA firms who perform local government financial audits that include an A-133 "single audit" must follow

neg: Auditing Standards Board meetings and to establish procedures, sub-committees, and perform other similar tasks in conjunction with the Director. To assure that the different industries and sectors are represented, the AICPA has reserved nominations for different industry segments as part of its operating policies: Board members serve a one-year term, after which they are evaluated by the AICPA for their performance, and can then be re-appointed for up to 3 one-year terms, or dismissed by the AICPA. The AICPA may extend the term of service if, for example, the member is working on a long-term project and the AICPA believes that such participation

neg: Statements on Auditing Procedure Procedure publications, including the 1951 "Codification", The 1954 "Generally Accepted Auditing Standards," and "Statements on Auditing Procedure" 25-32. The final publication of the Committee on Auditing procedure, "Codification of Auditing Standards and Procedures 1," superseded SAPs 33-54. The Statement is now known as "Statement on Auditing Standards, no. 1" and began a series of Statements on Auditing Standards" (SASs) that are still being issued by the Auditing Standards Board. See Statements on Auditing Standards (USA). Beginning in 1976, these Standards were codified annually as section AU of the "AICPA's Professional Standards." Statements on Auditing Procedure Statements on Auditing Procedure were

neg: International Auditing and Assurance Standards Board International Auditing and Assurance Standards Board The International Auditing and Assurance Standards Board (IAASB) is an independent standards body which issues standards, like the International Standards on Auditing, quality control guidelines and other services, to support the international auditing of financial statements. It is a body supported by the International Federation of Accountants (IFAC). The Public Interest Oversight Board provides oversight of the IAASB, ensuring that the standards are in the public interest. To further ensure proposed standards are in the public interest the IAASB consults its Consultative Advisory Group, which is composed of standard setters, various international organizations from

neg: International Auditing and Assurance Standards Board the private and public sectors, and regulators. Representatives include a balance of users and prepares of financial statements, and should to the extent practicable be balanced geographically. Founded in March 1978 as the International Auditing Practices Committee (IAPC), the IAASB's current strategic themes include: International Auditing and Assurance Standards Board The International Auditing and Assurance Standards Board (IAASB) is an independent standards body which issues standards, like the International Standards on Auditing, quality control guidelines and other services, to support the international auditing of financial statements. It is a body supported by the International Federation of Accountants (IFAC). The Public

neg: Government performance auditing and 4 Associated Members. INTOSAI - International Organization of Supreme Audit Institutions has published the following definition of Performance Audit: "Performance auditing is an independent examination of the efficiency and effectiveness of government undertakings, programs or organizations, with due regard to economy, and the aim of leading to improvements." Government financial reports Government performance auditing Government performance auditing focuses on improving how governments provide programs and services. While there is no one universally agreed upon definition, there are key definitions which capture the scope of government performance auditing. According to Government Auditing Standards, "Performance audits are defined as audits that

neg: Government performance auditing Government performance auditing Government performance auditing focuses on improving how governments provide programs and services. While there is no one universally agreed upon definition, there are key definitions which capture the scope of government performance auditing. According to Government Auditing Standards, "Performance audits are defined as audits that provide findings or conclusions based on an evaluation of sufficient, appropriate evidence against criteria." Additionally, the International Organization of Supreme Audit Institutions defines performance auditing as "an independent examination of the efficiency and effectiveness of government undertakings, programs or organizations, with due regard to economy, and the aim of leading to improvements."

neg: Auditing Standards Board has issued guidance to accountants and auditors since 1917, when, at the behest of the U.S. Federal Trade Commission and auspices of the Federal Reserve Board, it issued a series of pamphlets to the accounting community in regard to preparing financial statements and auditing (then referred to as "verification" and later "examination"). "Verification of Financial Statements", the first pamphlet dedicated exclusively to providing guidance for audits, was issued in 1929. With its opening paragraph, the guidance provided one of the most fundamental principles in auditing, stating that "the responsibility for the extent of the (audit) work required must be assumed

neg: SSAE 16 focused on internal controls over financial reporting, the American Institute of Certified Public Accountants (AICPA) has issued an Interpretation under AT Section 101 permitting service auditors to issue reports. These reports will now be considered SOC 2 audits and focus on controls at a service organization relevant to security, availability, processing integrity, confidentiality, or privacy. SSAE 16 provides guidance on an auditing method, rather than mandating a specific control set. In this respect, it is similar to . Effective May 1, 2017, SSAE 16 has been superseded by SSAE 18. SSAE 16 Statement on Standards for Attestation Engagements no. 16

neg: International Standards on Auditing standards. The Directive has given implementing powers to the European Commission, in order to adopt "en bloc" the ISAs in accordance with the Council Decision of 28 June 1999, also known as the "Comitology Decision". International Standards on Auditing International Standards on Auditing (ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L) ISA guides the auditor to add value to the assignment hence building confidence of investors. The Audit Directive

neg: Going concern incorporated into U.S GAAP. In October 2008, FASB issued an Exposure Draft called "Going Concern." It discusses the following possible pronouncements for the going concern: A current definition of the going concern assumption can be found in the AICPA Statement on Auditing Standards No.1 Codification of Auditing Standards and Procedures, Section 341, “ The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern”(AU Section 341). The 'going concern' concept assumes that the business will remain in existence long enough for all the assets of the business to be fully utilized. Utilized assets means obtaining the complete benefit

neg: International Federation of Accountants board that develops the International Standards on Auditing. IAASB issues International Standards on Auditing covering various services offered by professional accountants worldwide like auditing, review, other assurance, quality control and related services. The IAASB's objective, scope of activities and membership are set out in its Terms of Reference. The Public Interest Oversight Board oversees the work of the IAASB. The International Ethics Standards Board for Accountants develops a "Code of Ethics for Professional Accountants" to be followed by professional accountants throughout the world. The International Public Sector Accounting Standards Board or IPSASB develops the International Public Sector Accounting Standards (IPSAS).

neg: Materiality (auditing) to which financial information relates. The IASB has declined to specify a uniform quantitative threshold for materiality, or to predetermine what could be material in a particular situation, because of this entity-specific nature of materiality. On 31 October 2018, the International Accounting Standards Board amended the definition of materiality in IFRS Standards by amending IAS 1 and IAS 8. The amended definition of materiality is effective from 1 January 2020: The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, assurance, and other related standards.

neg: Performance audit reported. INTOSAI, the International Association of Supreme Audit Institutions, has published generally accepted principles of performance auditing in its implementation guidelines. In the United States, the standard for government performance audits is the Generally Accepted Government Auditing Standards (GAGAS), often referred to as the "yellow book", maintained by the federal Government Accountability Office (GAO). Similarly, the European Court of Auditors (ECA) has developed a "performance audit manual" for its audits of the sound financial management of the European Commission and the programmes funded through the EU budget. Performance audits may also be conducted by internal auditors who are employees of

neg: Generally Accepted Accounting Principles (Canada) organizations, the Public Sector Accounting Standards board for the public sector, and the Auditing Standards Board for the auditing sections. In early 2006, the AcSB decided to completely converge Canadian GAAP with international GAAP, i.e. International Financial Reporting Standards (IFRS), as set by the International Accounting Standards Board (IASB), for most entities that must follow AcSB standards. For publicly accountable enterprises, IFRS will become mandatory in Canada for fiscal periods beginning after January 1, 2011. Privately accountable enterprises will have the option of adopting IFRS, or a new set of standards called Accounting Standard for Private Enterprises (ASPE). To develop

neg: Government performance auditing Yellow Book , which supercedes the 2011 revision. The 2018 revision is effective for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. The Yellow Book in current usage was issued in December 2011, which is referred to as the 2011 Standards . For performance audits, provisions of the 2011 Standards guide any performance audit starting after December 15, 2011. The effective date for financial audits and attestation engagements is for periods ending on or after December 15, 2012. The

neg: Institute of Chartered Accountants of Nigeria Nzekwe rejected an attempt by ICAN to set auditing standards for its members. He said that the Nigerian Accounting Standards Board (NASB) Act 2003 said that only the board could set standards for the accounting profession. In June 2010 Mr. Godson Nnadi, Executive Secretary of Nigeria Accounting Standards Board, spoke in favor of a new body to set accounting and auditing standards for Nigeria and other African nations. The new body would be independent of both ANAN and ICAN. ANAN ICAN are now set to settle dispute out of court. In May 2008 the House of Representatives rejected a bill

neg: Government performance auditing In Israel, the State Comptroller, originally serving as in the role of the Comptroller and auditor general common through the British Commonwealth, has later assumed the functions of a Government Performance Auditor and of an Ombudsman Government audit organizations generally utilize established standards to conduct performance audits. In the United States, audit organizations use either Generally Accepted Government Auditing Standards, known as the Yellow Book, or the Institute of Internal Auditors's International Professional Practices Framework, known as the Red Book. The US Government Accountability Office (GAO) promolgates the Yellow Book. In July 2018, GAO issued a new revision of the

neg: History of information technology auditing to become familiar with EDP concepts in business. Along with the increase in computer use, came the rise of different types of accounting systems. The industry soon realized that they needed to develop their own software and the first of the generalized audit software (GAS) was developed. In 1968, the American Institute of Certified Public Accountants (AICPA) had the Big Eight (now the Big Four) accounting firms participate in the development of EDP auditing. The result of this was the release of "Auditing & EDP". The book included how to document EDP audits and examples of how to process internal

neg: SOX 404 top–down risk assessment available in AICPA Statement on Auditing Standards No. 110 (SAS 110) for the inventory process. SAS 106 includes the latest guidance on financial statement assertions. Control objectives may be organized within processes, to help organize the documentation, ownership and TDRA approach. Typical financial processes include expense & accounts payable (purchase to payment), payroll, revenue and accounts receivable (order to cash collection), capital assets, etc. This is how most auditing textbooks organize control objectives. Processes can also be risk-ranked. COSO issued revised guidance in 2013 effective for companies with year-end dates after December 15, 2014. This essentially requires control statements to

neg: Defense Contract Audit Agency agencies and foreign military employees. Defense contract audits are required to be performed in accordance with Government Auditing Standards. These standards, commonly referred to as the "Yellow Book", are published by the Comptroller General of the United States. Policies and guidelines more specific to defense contract auditing are detailed in the "Defense Contract Audit Manual", a continuously updated online publication of the DCAA. The objective of a contract audit is to express an opinion, in the form of an auditor's report, on a contractor's cost estimates or cost claims, depending on the type of contract. This involves evaluation of the

neg: Institute of Chartered Accountants of India India to National Advisory Committee on Accounting Standards (NACAS). and sets the accounting standards to be followed by other types of organisations. ICAI is solely responsible for setting the Standards on Auditing (SAs) to be followed in the audit of financial statements in India. It also issues other technical standards like Standards on Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. to be followed by practicing Chartered Accountants. It works closely with the Government of India, Reserve Bank of India and the Securities and Exchange Board of India in formulating and enforcing such standards. Members of the Institute are known

neg: State Audit Office of the Republic of Latvia use of conducting audits in accordance with International Standards on Auditing. The main goal of the State Audit Office while conducting the audits in accordance with the international audit standards and international regulations of Supreme Audit Institutions is to assess whether the public property has been handled in lawful, compliant, efficient and effective way as well as to provide recommendations to address the found deficiencies. According to the Law of the State Audit Office the audits can address the actions of any public person which has been responsible for handling of public finances. The audit can also address the actions

neg: Generally Accepted Auditing Standards guidance. Typically, the first number of the AU section refers to which standard applies. However, in 2012 the Clarity Project significantly revised the standards and replaced AU Section 150 with AU Section 200, which does not explicitly discuss the 10 standards. In the United States, the Public Company Accounting Oversight Board develops standards (Auditing Standards or AS) for publicly traded companies since the 2002 passage of the Sarbanes-Oxley Act; however, it adopted many of the GAAS initially. The GAAS continues to apply to non-public companies. In 2004, a project was begun to clarify and converge the standards with the International

neg: Audit Integrity and Job Protection Act any authority to require that audits conducted for a particular issuer of securities in accordance with SOX standards be conducted by specific auditors, or that such audits be conducted for an issuer by different auditors on a rotating basis. H.R. 1564 would prohibit the Public Company Accounting Oversight Board (PCAOB) from requiring public companies to use a specific auditor or to use different auditors on a rotating basis. The bill also would require the Government Accountability Office (GAO) to update a report completed in 2003 that reviewed the potential effects of mandatory rotation for auditing firms. Based on information from

neg: Center for Audit Quality CAQ through its Research Advisory Board, has annually funded independent academic research projects on auditing-related topics, including audit quality, professional judgment, professional skepticism, and the value of the audit. In 2013, the CAQ and the Auditing Section of the American Accounting Association created a joint program designed to facilitate accounting and auditing academics’ ability to obtain access to audit firm personnel to participate in their research projects. Other CAQ research efforts include: More CAQ’s research can be found on its website. A Governing Board made up of chief executive officers from leading public company auditing firms and the AICPA, as

neg: Government Accountability Office The GAO also establishes standards for audits of government organizations, programs, activities, and functions, and of government assistance received by contractors, nonprofit organizations, and other nongovernmental organizations. These standards, often referred to as Generally Accepted Government Auditing Standards (GAGAS), are to be followed by auditors and audit organizations when required by law, regulation, agreement, contract, or policy. These standards pertain to auditors' professional qualifications, the quality of audit effort, and the characteristics of professional and meaningful audit reports. In 1992 the GAO hosted XIV INCOSAI, the fourteenth triennial convention of the International Organization of Supreme Audit Institutions (INTOSAI). GAO is

neg: Islamic banking and finance Islamic financial institutions do "not have practices which ensure transparency in the role and functions of the SSBs". The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), has been publishing standards and norms for Islamic financial institutions since 1993. By 2010, it had issued "25 accounting standards, seven auditing standards, six governance standards, 41 "shari'ah" standards and two codes of ethics." (By 2017 it had issued 94 standards in the "areas of Shari’ah, accounting, auditing, ethics and governance".) Although it is an independent body, its "pronouncements on the acceptability or otherwise of contractual structures in relation to Islamic financial

neg: Palestine Investment Fund independently verified that PIF’s financials are in accordance with international auditing standards. Furthermore, the State Audit and Administrative Control Bureau audits the PIF’s governance and financial systems and, in addition, scores the performance of its internal auditing systems. Even further, the PIF is partners with US OPIC, UK DFID, and the World Bank’s IFC. The fund has signed up to the Santiago Principles on best practices for managing Sovereign Wealth Funds and joined the International Forum of Sovereign Wealth Funds. Under Palestinian Authority Prime Minister Salaam Fayyad, the PIF was celebrated for its transparent business practices, but since 2011, it

neg: Financial audit is now carried out by the National Audit Office. The Australian National Audit Office conducts all financial statement audits for entities controlled by the Australian Government. In the United States, the SEC has generally deferred to the accounting industry (acting through various organisations throughout the years) as to the accounting standards for financial reporting, and the U.S. Congress has deferred to the SEC. This is also typically the case in other developed economies. In the UK, auditing guidelines are set by the institutes (including ACCA, ICAEW, ICAS and ICAI) of which auditing firms and individual auditors are members. While in

neg: Financial audit experts in financial reporting. The financial audit is one of many assurance functions provided by accounting firms. Many organizations separately employ or hire internal auditors, who do not attest to financial reports but focus mainly on the internal controls of the organization. External auditors may choose to place limited reliance on the work of internal auditors. Auditing promotes transparency and accuracy in the financial disclosures made by an organization, therefore would likely reduce such corporations concealmeant of unscrupulous dealings. Internationally, the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB) is considered as the

neg: Audit in accordance with PCAOB Auditing Standard No. 5. There are also new types of integrated auditing becoming available that use unified compliance material (see the unified compliance section in Regulatory compliance). Due to the increasing number of regulations and need for operational transparency, organizations are adopting risk-based audits that can cover multiple regulations and standards from a single audit event. This is a very new but necessary approach in some sectors to ensure that all the necessary governance requirements can be met without duplicating effort from both audit and audit hosting resources. The purpose of an assessment is to measure

neg: International Organization of Supreme Audit Institutions the INTOSAI member representatives. INTOSAI holds a triennial conference entitled the International Congress of Supreme Audit Institutions (INCOSAI). It publishes the quarterly "International Journal of Government Auditing". Examples of its major publications are: The International Standards of Supreme Audit Institutions (ISSAI) are a benchmark for auditing public entities (External Audit Standards for public entities). The "INTOSAI Auditing Standards" had been approved by the INCOSAI in 1998 and updated in 2001. In its strategic plan 2005-2010, the INTOSAI decided to "provide an up-to-date framework of professional standards", so the INTOSAI Professional Standards Committee decided to merge the existing and new INTOSAI

neg: Institute of Cost Accountants of India Cost Auditor to the company along with the Cost Audit Report. This PAR is only meant for the company & it is not required to submit the same to the MCA like the Cost Audit Report. In this changed context, the institute, addressing the needs of separate standards of auditing & assurance of cost records, has constituted the Cost Audit and Assurance Standards Board (CAASB) entrusting the responsibility to formulate standards and develop guidance notes in the areas of auditing, assurance, related services and quality control keeping in mind the special sophisticated structure & objectives of Statutory Cost Audit. The

neg: Accounting in Malaysia Professional conduct & Ethics) and auditing standards for the accountancy profession in Malaysia, which are in line with the standards issued by the International Federation of Accountants (IFAC) and the International Auditing and Assurance Standards Board (IAASB). The Malaysian Institute of Certified Public Accountants (MICPA), which was established in 1958, is another accountancy body that is involved in the training and development of accountants in Malaysia. Apart from that, accountancy bodies from the Commonwealth countries such as the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Accountants in England and Wales (ICAEW),

neg: Statements on Auditing Procedure the 1936 pamphlet was considered so out-of-date that it was withdrawn from publication. In 1951, the first 24 "Statements on Auditing Procedure" were codified The "Codification" also contains a summary history of the process of standardizing auditing practice up to 1951 (see pp. 5–8). In 1954, the Committee on Auditing Procedure finished work on the booklet "Generally Accepted Auditing Standards: Their Significance and Scope." This publication responded to the Securities and Exchange Commission's recommendation that the auditor's report make a representation as to compliance with generally accepted auditing standards. Statement on Procedure no. 33 again codified previous Committee on Auditing

neg: Institute of Authorized Chartered Auditors of Albania country. IEKA became a member of the International Federation of Accountants (IFAC) in May 2000. IEKA is also a member of the Federation Internationale des Experts-Comptables Francophone (FIDEF) and the South East European Partnership on Accountancy Development (SEEPAD). International Standards on Auditing (ISAs) are issued by the International Auditing and Assurance Standards Board (IAASB). In 2008 IEKA updated the translation of ISAs into the Albanian language. IEKA has adopted most IFAC standards and other pronouncements as of 2007 without change, and has an ongoing process of translating, reviewing and publishing new standards in the IEKA professional magazine. An effort is

neg: Forum of Firms obligations. The Forum's membership obligations require that members: • Maintain quality control standards in accordance with the International Standard on Quality Control (ISQC 1) issued by the IAASB in addition to relevant national quality control standards; • Conduct, to the extent not prohibited by national regulation, regular globally coordinated internal quality assurance reviews; • Have policies and methodologies for the conduct of transnational audits that are based, to the extent practicable, on the International Standards on Auditing (ISAs) issued by the IAASB; • Have policies and methodologies that conform to the IESBA "Code of Ethics for Professional Accountants" and national

neg: Conflict resource further emphasizing the need for such audits to conform to established SEC auditing standards. Comments on the proposed regulation pointed out that, should SEC not specify an applicable audit standard, it cannot also be silent or ambiguous on the auditor standards as well, or the Commission will violate the plain language of the Law mandating "standards established by the Comptroller General of the United States". It is generally expected that SEC will provide specificity on both the audit standard and the auditor standard. SEC's proposal attempted to clarify its position on auditor requirements. The Organisation for Economic Co-operation and Development

neg: Auditor's report on Auditing Procedure No. 23: "Recommendation Made To Clarify Accountant's Representations When Opinion Is Not Expressed" was published in order to provide guidance to auditors in presenting a disclaimer. Statements on Auditing Standards (SAS) provide certain situations where a disclaimer of opinion may be appropriate: Although this type of opinion is rarely used, the most common examples where disclaimers are issued include audits where the auditee willfully hides or refuses to provide evidence and information to the auditor in significant areas of the financial statements, where the auditee is facing significant legal and litigation issues in which the outcome is

neg: Institute of Cost Accountants of India sub-section (3) of section 148 of the Companies Act, 2013 gave the statutory mandate for separate auditing standards for audit of cost records as distinct from auditing standards applicable for audit of financial records. It stipulates that the auditor conducting the cost audit shall comply with the cost auditing standards which are issued by the ICAI, with the approval of the Government of India. Till date, the CAASB has issued four standards: CAAS-101 on Planning an Audit of Cost Statements CAAS-102 on Cost Audit Documentation CAAS-103 on Overall Objectives of the Independent Cost Auditor and the Conduct of an Audit

neg: BSI Group one of the world’s largest certification bodies. It audits and provides certification to companies worldwide who implement management systems standards. BSI also runs training courses that cover the implementation and auditing requirements of national and international management systems standards. It is independently accredited and assesses a wide range of standards and other specifications including: Within Testing Services, BSI's best known product in the UK is the Kitemark, a registered certification mark first used in 1903. The Kitemark – which is recognized by 82% of UK adults – signifies products or services which have been assessed and tested as meeting the

neg: Accounting and Auditing Organization for Islamic Financial Institutions standards and publications. The organizational structure of AAOIFI includes a general assembly. AAOIFI also has a board of trustees and an accounting and auditing standards board each consisting of fifteen part-time members, a Shari‘ah committee consisting of four part-time members, an executive committee, and a secretary-general who is a full-time executive and heads the general secretariat. The objectives of AAOIFI are: AAOIFI carries out these objectives in accordance with the precepts of Islamic Shari’a which represents a comprehensive system for all aspects of life, in conformity with the environment in which Islamic financial institutions have developed. This activity is intended

neg: Entity-level controls also created the Public Company Accounting Oversight Board (PCAOB). The Public Company Accounting Oversight Board (PCAOB) became the primary regulator of audits of publicly traded companies. In June 2007, the PCAOB adopted Auditing Standard 2201 (Supersedes AS No. 5). This standard contains the standards over performing an audit of internal control over financial reporting that is integrated with an audit of financial statements. The auditor must test entity-level controls that are important to the auditor's conclusion about whether the company has effective internal control over financial reporting. Depending on the auditor's evaluation of the effectiveness of the entity-level controls, the

neg: Financial audit organizations who develop and maintain auditing standards, commonly referred to generally accepted auditing standards or GAAS. These standards prescribe different aspects of auditing such as the opinion, stages of an audit, and controls over work product ("i.e.", working papers). Some oversight organisations require auditors and audit firms to undergo a third-party quality review periodically to ensure the applicable GAAS is followed. The following are the stages of a typical audit: Notes: Notes: After the auditor has completed all procedures for each audit objective and for each financial statement account and related disclosures, it is necessary to combine the information obtained

neg: Forum of Firms Forum, and, therefore, provides the official linkage between the Forum and IFAC. The Transnational Auditors Committee is chaired by Wally Gregory. Members of the Forum have committed to adhere to and promote the consistent application of high-quality audit practices worldwide, as detailed in the FOF Constitution. Membership in the Forum is open to networks and firms of all sizes that conduct, or have an interest in conducting, transnational audits; promote the consistent application of high-quality audit practices and standards worldwide; support convergence of national audit standards with the International Standards on Auditing (ISAs); and commit to meeting the Forum's membership

neg: Risk-based auditing Risk-based auditing Risk-based auditing is a style of auditing which focuses upon the analysis and management of risk. In the UK, the 1999 Turnbull Report on corporate governance required directors to provide a statement to shareholders of the significant risks to the business. This then encouraged the audit activity of studying these risks rather than just checking compliance with existing controls. Standards for risk management have included the COSO guidelines and the first international standard, AS/NZS 4360. The latter is now the basis for a family of international standards for risk management — ISO 31000. A traditional audit would focus

neg: New Economics Foundation environment. The Foundation works in the areas of community development, democracy, and economics. The foundation's work on sustainability indicators, which measures aspects of life and environment, indicated the connection between economic growth and sustainability. From 1995 to 2000, the Foundation made social audits of companies to measure and evaluate a company's social and ethical performance according to its standards. This work was instrumental in the formation of the Institute of Social and Ethical Accountability to promote professional standards around social accounting and auditing. The Jubilee 2000 campaign, strategised for and run by NEF, collected 24 million signatures for its worldwide

neg: Accountancy in Hong Kong cater to the unique situations in Hong Kong such as the problem of the remaining land lease. Prior to the formation of HKICPA in 1972 (or formerly known as HKSA before 2004 September), the auditing industry was loosely regulated. Organizations including The Society of Chinese Accountants and Auditors ("SCAACPA") has helped in standardising recognised auditors for financial statements. There were also few serious accounting and auditing standards prior to 1986. Before 1972, auditing standards were often upheld by the individual integrity of these professional auditors. Accounting standards were based on the few international firms in the then colony including Lowe,

neg: Chief audit executive sufficient training and development to maintain and develop their internal auditing competence and to obtain Certified Internal Auditor certification. The CAE is responsible for assuring that appropriate engagement supervision is provided. Supervision is a process begins with planning and continues throughout the examination, evaluation, communication, and follow-up phases of the engagement. NB: Generally accepted auditing standards and International Standards on Auditing are external audit standards. Inform the Audit Committee without delay of any issue of risk, control or management practice that may be of significance. The Chief Audit Executive (CAE) reports the most critical issues to the audit committee quarterly,

neg: Generally Accepted Accounting Principles (Canada) accounting and auditing research. In 1982, ARCs name was changed to the Accounting Standards Committee (ASC) and in 1991 to the Accounting Standards Board (AcSB). For a number of years prior to 1968, the Research Committee issued bulletins on financial disclosure, accounting principles, terminology, reporting and auditing procedures. In 1968, these bulletins were consolidated to form a major part of the CICA Handbook. Since 1968, the Handbook has been constantly updated by inclusion of approved exposure drafts on various current topics. The handbook is currently updated by a number of groups, including the AcSB for profit and not for profit

neg: Auditor General of British Columbia Assurance Standards Board; and CCAF-FCVI Inc. Fiscal 2013/14: The OAGBC is a recognized Chartered Accountant Training Office, meeting the profession's Practical Experience Requirements of providing audit, assurance and taxation hours. The OAGBC also participates in the Canadian Comprehensive Auditing Foundation's international programs, which provides performance audit training for developing audit offices in a variety of countries. The Auditor General is mandated to "report each year, in accordance with generally accepted auditing and assurance standards, to the Legislative Assembly on the financial statements of the government reporting entity (GRE)." The GRE includes government ministries, Crown corporations, trusts, colleges, school districts, universities,

neg: Quality audit upgrade of the ISO9000 series of standards from the 1994 to 2008 series, the focus of the audits has shifted from purely procedural adherence towards measurement of the actual effectiveness of the Quality Management System (QMS) and the results that have been achieved through the implementation of a QMS. Audits are an essential management tool to be used for verifying objective evidence of processes, to assess how successfully processes have been implemented, for judging the effectiveness of achieving any defined target levels, to provide evidence concerning reduction and elimination of problem areas. For the benefit of the organization, quality auditing

neg: International Association for Accounting Education & Research material about International Financial Reporting Standards. IAAER contributes to international accounting and auditing standards through relationships with various international bodies, bringing a research-based academic viewpoint. Specifically, IAAER is represented on the International Accounting Education Standards Board (IAESB) of the International Federation of Accountants (IFAC), the Education Advisory Group of the International Accounting Standards Committee Foundation and the Standards Advisory Council of the International Accounting Standards Board (IASB). IAAER commissions research projects to develop improvements to international accounting and educational standards, and promotes development of accounting skills by working with local and regional bodies and organizing conferences and workshops. For example,

neg: PricewaterhouseCoopers prior Yukos audits. An embassy source noted that if the audits were not properly withdrawn it "would greatly tarnish PWC's international reputation." India's accounting standards agency ICAI is investigating partners of PwC for professional negligence in the now-defunct Global Trust Bank Ltd. case of 2007. Like Satyam, Global Trust Bank was also based in Hyderabad. This led to the RBI banning PwC from auditing any financial company for over a year. PwC was also associated with the accounting scandal at DSQ Software in India. Following the Satyam scandal, the Mumbai-based Small Investor Grievances Association (SIGA) has requested the Indian stock

neg: Information security audit Information security audit An information security audit is an audit on the level of information security in an organization. Within the broad scope of auditing information security there are multiple types of audits, multiple objectives for different audits, etc. Most commonly the controls being audited can be categorized to technical, physical and administrative. Auditing information security covers topics from auditing the physical security of data centers to auditing the logical security of databases and highlights key components to look for and different methods for auditing these areas. When centered on the IT aspects of information security, it can be seen

neg: Information security audit systems and processing and ensuring that there are no overlaps that could lead to fraud. Information security audit An information security audit is an audit on the level of information security in an organization. Within the broad scope of auditing information security there are multiple types of audits, multiple objectives for different audits, etc. Most commonly the controls being audited can be categorized to technical, physical and administrative. Auditing information security covers topics from auditing the physical security of data centers to auditing the logical security of databases and highlights key components to look for and different methods for auditing

neg: Statement on Auditing Standards No. 99: Consideration of Fraud easier to commit inventory fraud. A similar criticism is that SAS 99 doesn't close expectation gaps. The guidelines and suggestions provided in the standard increase expectations on the profession. As a result, auditors must consider the requirements of SAS 99 as the minimum level of work required to detect fraud. They must be prepared to defend any decision not to pursue one of the recommended procedures listed in SAS 99. Information Technology Audit Statement on Auditing Standards No. 99: Consideration of Fraud Statement on Auditing Standards No. 99: Consideration of Fraud in a Financial Statement Audit, commonly abbreviated as SAS

neg: Financial audit worldwide, lost their ability to audit public companies, essentially killing off the firm. A recent trend in audits (spurred on by such accounting scandals as Enron and Worldcom) has been an increased focus on internal control procedures, which aim to ensure the completeness, accuracy and validity of items in the accounts, and restricted access to financial systems. This emphasis on the internal control environment is now a mandatory part of the audit of SEC-listed companies, under the auditing standards of the Public Company Accounting Oversight Board (PCAOB) set up by the Sarbanes-Oxley Act. Many countries have government sponsored or mandated

neg: Audit working papers Audit working papers Audit working papers are the documents which record all audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide the assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was: The Institute of Internal Auditors, a global professional audit standards body, has issued practice advisory 2330-1 stating the goals of audit working papers are to: Audit working papers are the property of the auditor. In order to keep professional

neg: Conflict resource if the company can on its own, using reasonable efforts and trustworthy information, make a reliable determination as to the source/origin of its tin, tantalum, tungsten and/or gold. Where companies are unable to make such a determination for any reason, they would then be required to take the next step of the "due diligence", which is the independent private sector audit. The statute specified that the audits be "conducted in accordance with standards established by the Comptroller General of the United States, in accordance with rules promulgated by the Commission." This means that the same auditing standards that apply to

neg: Accounting ethics of the Public Interest Oversight Board (PIOB) on 1 March 2005. The PIOB provides oversight of the IFAC standards-setting boards: the International Auditing and Assurance Standards Board (IAASB), the International Accounting Education Standards Board (IAESB) and the International Ethics Standards Board for Accountants (IESBA). The most recent reform came into effect in July 2010 when President Obama signed "The Dodd-Frank Wall Street Reform and Consumer Protection Act". The act covers a broad range of changes. The highlights of the legislation are consumer protections with authority and independence, ends too big to fail bail outs, advance warning system, transparency and accountability

neg: National Audit Office (United Kingdom) applies the International Standards of Auditing (ISAs). The NAO is subject to inspection by the Audit Quality Review team of the Financial Reporting Council. Value for Money (VFM) audits are non-financial audits to measure the effectiveness, economy and efficiency of government spending. Roughly sixty of these reports are produced each year, the most notable from recent years being the reports on MRSA, which led to an increase in public interest in the topic, the report on the rescue of British Energy and the report in the Public Private Partnership to maintain the London Underground. The remits of the NAO and

neg: Conflict resource The intent was to cover minerals/metals in the final product only. Nothing specifically addresses intermediate chemical processes that use chemicals that contain conflict minerals. Additionally, neither the law nor the proposed regulation established a de minimis quantity or other form of materiality threshold that would preclude the applicability of the auditing/reporting requirements. The law mandates the use of an "independent private sector auditor" to conduct the audits. SEC has proposed two different standards for the audits: the "reasonable inquiry" and the "due diligence". Should the final rule include this structure, the reasonable inquiry would be the first step to determine

neg: Association of National Accountants of Nigeria Standards Board (NASB) Act 2003 said that only the board could set standards for the accounting profession. In June 2010 Mr. Godson Nnadi, Executive Secretary of Nigeria Accounting Standards Board, spoke in favor of a new body to set accounting and auditing standards for Nigeria and other African nations. The new body would be independent of both ANAN and ICAN. In May 2008 the House of Representatives rejected a bill to establish the Chartered Institute of Management Accountants of Nigeria (CIMA) as an alternative to both the ANAN and ICAN. The House was concerned about proliferation of accounting bodies. In

neg: Marketing Accountability Standards Board the Internal Revenue Code. Sources of funding include membership dues, projects, workshops, technical services, publications, and training, advisory and auditing services. Membership is organization-based, and open to marketers, business schools, measurement (modeling and software) providers, media providers, media and advertising agencies, industry associations, and independent consultants. Marketing Accountability Standards Board The Marketing Accountability Standards Board (MASB), authorized by the Marketing Accountability Foundation, is an independent, private sector, self-governing group of academics and practitioners that establishes marketing measurement and accountability standards intended for continuous improvement in financial performance, and for the guidance and education of users of performance and financial information.

neg: James J. Leisenring and Western Michigan University. James J. Leisenring James J. Leisenring is a retired member of both the International Accounting Standards Board, based in London, and the Financial Accounting Standards Board (the FASB), based in Norwalk, Connecticut. He was director of research and director of international activities of the Financial Accounting Standards Board (FASB), and was the first chairman of FASB's Emerging Issues Task Force. Also he has served as chairman of the Auditing Standards Board of the American Institute of Certified Public Accountants. He was one of three individuals inducted into the Accounting Hall of Fame in 2003. Leisenring holds

neg: James J. Leisenring James J. Leisenring James J. Leisenring is a retired member of both the International Accounting Standards Board, based in London, and the Financial Accounting Standards Board (the FASB), based in Norwalk, Connecticut. He was director of research and director of international activities of the Financial Accounting Standards Board (FASB), and was the first chairman of FASB's Emerging Issues Task Force. Also he has served as chairman of the Auditing Standards Board of the American Institute of Certified Public Accountants. He was one of three individuals inducted into the Accounting Hall of Fame in 2003. Leisenring holds degrees from Albion College

neg: Auditor's report convey to the user that the report was unbiased in all respects. Traditionally, the main body of the unqualified report consists of three main paragraphs, each with distinct standard wording and individual purpose. Nonetheless, certain auditors (including PricewaterhouseCoopers) have since modified the arrangement of the main body (but not the wording) in order to differentiate themselves from other audit firms, even though such modification is contrary to the clarified US AICPA standards on auditing. The first paragraph (commonly referred to as the introductory paragraph) states the audit work performed and identifies the responsibilities of the auditor and the auditee in

neg: Materiality (auditing) different auditors auditing even the same entity might generate differing scopes of audit procedures, solely based on the "planning materiality" definition used. Materiality in governmental auditing is different from materiality in private sector auditing for several reasons. Most importantly, due to the format of state and local government financial statements under GAAP, the AICPA Audit Guide for State and Local Governments requires auditors to consider materiality by "opinion unit" rather than for the financial statements taken as a whole. The Guide defines opinion units as follows: Government-wide level (three units): Fund level (at least two): Talatech Inc This functionally decreases

neg: Public Interest Oversight Board the public interest activities of three independent standard-setting boards supported by IFAC: the International Auditing and Assurance Standards Board (IAASB), the International Accounting Education Standards Board (IAESB) and the International Ethics Standards Board for Accountants (IESBA). The PIOB also oversees the IFAC's Compliance Advisory Panel, which evaluates member body compliance with IFAC Statements of Membership Obligations. The Chair of the PIOB has the right to attend and to speak at IFAC Board meetings. The PIOB is accountable to the Monitoring Group, which is composed of the International Organization of Securities Commissions, the Basel Committee on Banking Supervision, the International Association

neg: Forum of Firms Forum of Firms The Forum of Firms (FOF, Forum) is an association of international networks of accounting firms that perform transnational audits. The objective of the Forum is to promote consistent and high-quality standards of financial reporting and auditing practices worldwide. The Forum brings together firms that perform transnational audits and involves them more closely with the activities of the International Federation of Accountants (IFAC) in audit and other assurance-related areas. It was established in 2002. Theo Vermaak is the chair of the Forum The Transnational Auditors Committee (TAC) is a committee of IFAC and the executive arm of the

neg: Forum of Firms shall be entitled to describe themselves as such in accordance with wording to be determined by the Forum. Members Forum of Firms The Forum of Firms (FOF, Forum) is an association of international networks of accounting firms that perform transnational audits. The objective of the Forum is to promote consistent and high-quality standards of financial reporting and auditing practices worldwide. The Forum brings together firms that perform transnational audits and involves them more closely with the activities of the International Federation of Accountants (IFAC) in audit and other assurance-related areas. It was established in 2002. Theo Vermaak is the chair

neg: Federal Accounting Standards Advisory Board Federal Accounting Standards Advisory Board The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information. FASAB is designated as the body that sets U.S. generally accepted accounting principles (GAAP) for the United States Government and its component entities, referred to as federal financial reporting entities. The AICPA Council designated FASAB as the body that establishes GAAP for federal entities in 1999. The Chief Financial Officers Act

neg: Comprehensive annual financial report American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements. It is composed of three sections: Introductory, Financial and Statistical. It combines the financial information of fund accounting and Enterprise Authorities accounting. The National Committee on Municipal Accounting (NCMA) was formed in 1934 by the Government Financial Officers Association to create accounting standards. As a result of its work, the 'Principles of Municipal Accounting', the predecessor to the CAFR, was created. The successor to the NCMA, the National Council on Governmental Accounting (NCGA), issued 'Governmental Accounting, Auditing and Financial Reporting', which is the basis of the format

neg: Accountancy in Hong Kong exams from 2 accountancy bodies – the aforementioned ACCA from UK and the ASCPA from Australia. At that time university education in the Colony was less common than nowadays. Both accountancy bodies did not require university degree and so HKSA deemed these as suitable for the Hong Kong admission standards. Around 1985, the HKICPA adopted most of their auditing and accounting standards from ICAEW. Around 1990, the former HKSA (HKICPA), named Association of International Accountants (AIA) for full exemption. Around 1994, the HKICPA slowly adopted their auditing and accounting standards from the IFAC and its associated standard setting bodies. Full

neg: Financial Reporting Council 2011, the Board published information for the first time about shortcomings in self-regulation by particular institutes. Press reports highlighted comments about ACCA, which had implemented recommendations to improve its examination syllabus, but needed to pay greater attention to continuing monitoring of members who had registered as auditors some years ago. The Auditing Practices Board Limited (APB) was originally established in 1991 as a committee of the Consultative Committee of Accountancy Bodies, to take responsibility within both Ireland and the United Kingdom for setting standards of auditing with the objective of enhancing public confidence in the audit process and the quality

neg: Materiality (auditing) and globally accepted financial reporting standards based upon clearly articulated principles. These reporting standards consist of a growing number of individual standards. The Conceptual Framework is not an International Financial Reporting Standard (IFRS) itself and nothing in the Framework overrides any specific IFRS. However, the Framework has as its purpose to, "inter alia", assist the International Accounting Standards Board (IASB) and individual national standard-setting bodies in promoting harmonisation of regulations, accounting standards and procedures relating to the presentation of financial statements by providing a basis for reducing the number of alternative accounting treatments permitted by IFRSs. Chapter 3 of the

neg: Conflict resource (OECD) published its Guidance on conflict minerals supply chain traceability. This guidance is gaining much momentum as "the" standard within US policy. However, a recent critical analysis of the standard in comparison to existing US auditing standards under SEC highlighted a number of significant inconsistencies and conflict with relevant US standards. Companies subject to the US law who implement the OECD Guidance without regard for the SEC auditing standards may face legal compliance risks. Companies subject to the SEC reporting requirement would be required to disclose whether the minerals used in their products originated in the DRC or adjoining countries