The Oversight Of The Audit Profession

Author : Ecaterina Volosin
Publisher : GRIN Verlag
Page : 41 pages
File Size : 46,7 Mb
Release : 2008-10
Category : Electronic
ISBN : 9783640192304

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The Oversight of the Audit Profession by Ecaterina Volosin Pdf

Seminar paper from the year 2007 in the subject Business economics - Miscellaneous, grade: 1,0, University of Glamorgan (Business School), course: International Accounting & Audit, 23 entries in the bibliography, language: English, abstract: This paper provides an overview of the current regulatory frameworks for financial reporting and auditing in the UK, US and Germany. During the last years these frameworks were noticeably changed. These changes arose especially from political interest in accounting regulation following the Enron collapse. The main change in the US was the introduction of the Sarbanes-Oxley Act containing strict regulations for auditors, including their responsibilities and services. It also contains a list of prohibited audit activities, the so-called "non-audit" services. The main feature of the Act was the creation of an oversight board to regulate and control auditors of public companies. Thus the "Public Company Accounting Oversight Board" was established. The PCAOB is a private-sector non-profit overseer, supervised by the US Securities Exchange Commission (SEC) which regulates basically anything related to the securities market. Following the collapse of Enron and the turbulence in the UK markets that followed, a review of financial regulation in the UK was ordered, covering for example auditor independence, corporate governance, financial reporting and auditing standards and accountability of audit firms. In order to restore credibility in UK accounting the Financial Reporting Council (FRC), an independent private sector body funded by the accountancy profession, was set up. The FRC has several subsidiary bodies, including the Professional Oversight Board (POB) providing independent oversight of the regulation of the auditing profession. The German Auditor Oversight Commission (AOC) was established according to the Auditor Oversight Law. It is in charge of the public oversight of all activities of the German Chamber of Public Accounta

Author : Ecaterina Volosin
Publisher : GRIN Verlag
Page : 16 pages
File Size : 52,8 Mb
Release : 2008-10-20
Category : Business & Economics
ISBN : 9783640192038

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The oversight of the audit profession by Ecaterina Volosin Pdf

Seminar paper from the year 2007 in the subject Business economics - Miscellaneous, grade: 1,0, University of Glamorgan (Business School), course: International Accounting & Audit, 23 entries in the bibliography, language: English, abstract: This paper provides an overview of the current regulatory frameworks for financial reporting and auditing in the UK, US and Germany. During the last years these frameworks were noticeably changed. These changes arose especially from political interest in accounting regulation following the Enron collapse. The main change in the US was the introduction of the Sarbanes-Oxley Act containing strict regulations for auditors, including their responsibilities and services. It also contains a list of prohibited audit activities, the so-called “non-audit” services. The main feature of the Act was the creation of an oversight board to regulate and control auditors of public companies. Thus the “Public Company Accounting Oversight Board” was established. The PCAOB is a private-sector non-profit overseer, supervised by the US Securities Exchange Commission (SEC) which regulates basically anything related to the securities market. Following the collapse of Enron and the turbulence in the UK markets that followed, a review of financial regulation in the UK was ordered, covering for example auditor independence, corporate governance, financial reporting and auditing standards and accountability of audit firms. In order to restore credibility in UK accounting the Financial Reporting Council (FRC), an independent private sector body funded by the accountancy profession, was set up. The FRC has several subsidiary bodies, including the Professional Oversight Board (POB) providing independent oversight of the regulation of the auditing profession. The German Auditor Oversight Commission (AOC) was established according to the Auditor Oversight Law. It is in charge of the public oversight of all activities of the German Chamber of Public Accountants (WPK) with respect to statutory auditors. The Commission has the ultimate responsibility in the areas of licensing, registration, disciplinary investigations and quality assurance, all with respect to members of WPK entitled to provide statutory audit services (WPK, n.d.). It is argued that these new regulations impose another layer of bureaucracy with significant costs for very little apparent gain. But ethical issues surrounding the public’s perception of auditor performance need to be addressed, not just for the sake of the profession, but for the efficiency and effectiveness of capital markets in general (Malthus and Scoble, 2005).

Author : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations
Publisher : Unknown
Page : 1244 pages
File Size : 48,7 Mb
Release : 1985
Category : Auditors
ISBN : SRLF:AA0000363598

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SEC and Corporate Audits: Oversight of the accounting profession by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations Pdf

Author : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations
Publisher : Unknown
Page : 1250 pages
File Size : 49,7 Mb
Release : 1985
Category : Accountants
ISBN : LOC:00054261706

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SEC and Corporate Audits by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations Pdf

Author : United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations
Publisher : Unknown
Page : 688 pages
File Size : 54,7 Mb
Release : 1978
Category : Accountants
ISBN : LOC:00183852668

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Reform and Self-regulation Efforts of the Accounting Profession by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations Pdf

Author : Anonim
Publisher : The American Assembly
Page : 40 pages
File Size : 54,8 Mb
Release : 2005
Category : Accounting
ISBN : 8210379456XXX

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The Future of the Accounting Profession: Auditor Concentration by Anonim Pdf

Author : United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Governmental Efficiency and the District of Columbia
Publisher : Unknown
Page : 584 pages
File Size : 47,9 Mb
Release : 1979
Category : Accountants
ISBN : STANFORD:36105045363624

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Oversight of the Accounting Profession by United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Governmental Efficiency and the District of Columbia Pdf

Author : United States. General Accounting Office
Publisher : Unknown
Page : 180 pages
File Size : 52,7 Mb
Release : 1996
Category : Accounting
ISBN : STANFORD:36105126836001

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The Accounting Profession by United States. General Accounting Office Pdf

Author : United States. General Accounting Office
Publisher : Unknown
Page : 180 pages
File Size : 46,5 Mb
Release : 1996
Category : Accounting
ISBN : OSU:32435079893459

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The Accounting Profession: Appendixes to Major issues, progress and concerns by United States. General Accounting Office Pdf

Author : Matthias Linke
Publisher : GRIN Verlag
Page : 63 pages
File Size : 52,9 Mb
Release : 2019-08-08
Category : Business & Economics
ISBN : 9783668996403

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The European Public Audit Oversight Reform. Which Effect Does it Have on Audit Quality? by Matthias Linke Pdf

Master's Thesis from the year 2015 in the subject Economics - Other, grade: 8,0, Maastricht University (School of Business and Economics), language: English, abstract: This paper examines the effect of the European public audit oversight reform on audit quality. Accounting scandals at the beginning of the 21th century called the audit profession into question and raised serious concerns on the oversight system in place. In an attempt to regain investors’ confidence, the European Commission (hereafter referred to as EC) followed the American example and passed Directive 2006/43/EC, which requires the Member States of the European Union (hereafter referred to as EU) to set up public oversight systems for statutory auditors and audit firms. The paper provides empirical evidence that managers are less likely to commit earnings management in the years following the regulatory reform compared to the years preceding the reform, indicating higher audit quality in the post-reform period. Member States of the EU can choose between two options for national public oversight of auditors; the full-time inspection model and the model which consists of peer reviews with an independent commission monitoring this process. I run several analyses with different models and test whether firms in jurisdictions that implemented the full-time inspection model exhibit lower discretionary accruals compared to firms in jurisdictions that implemented the modified peer review model. The results are contradicting and do not support a conclusion.

Author : Anonim
Publisher : DIANE Publishing
Page : 90 pages
File Size : 47,5 Mb
Release : 2002-10
Category : Electronic
ISBN : 0756728134

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The Accounting Profession by Anonim Pdf

Report after the sudden failure of Enron Corp. Concerns the status of recommendations made by the Panel on Audit Effectiveness (PAE) to enhance the accounting profession's self-regulatory system. The accounting profession maintains a voluntary, self-regulatory system that includes establishing and monitoring compliance with professional standards, disciplining members for improper acts and substandard performance, and conducting oversight of the system. The report: determines the status of the recommendations by the PAE to address limitations of the self-regulatory system; and identifies any gaps in actions taken to implement the Panel's recommend. and their likely impact on overcoming the limitations of the self-regulatory system.

Author : Donald H. Chapin,Robert W. Gramling
Publisher : DIANE Publishing
Page : 148 pages
File Size : 40,7 Mb
Release : 1996-12
Category : Electronic
ISBN : 9780788135989

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The Accounting Profession by Donald H. Chapin,Robert W. Gramling Pdf

Concerns the status of recommendations made to the accounting profession over the past two decades by major study groups. Identifies (1) recommendations made from 1972-95 to improve accounting & auditing standards & the performance of independent audits under the federal securities laws & the actions taken on those recommendations, & (2) any unresolved issues to determine their impact on the performance of independent audits, effective accounting & auditing standards setting, & efforts to expand the scope of business reporting & audit services.

Author : Donald H. Chapin,Robert W. Gramling
Publisher : DIANE Publishing
Page : 184 pages
File Size : 49,6 Mb
Release : 1996-12
Category : Electronic
ISBN : 9780788135996

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The Accounting Profession by Donald H. Chapin,Robert W. Gramling Pdf

Contains the individual recommendations made by the major study groups affecting the accounting profession from 1972-95 & the actions taken on those recommendations. Includes a summary of the major studies, including the studies' report titles & information on the membership of the study groups; a list of experts on the subject of accounting & auditing & other knowledgeable individuals interviewed in the study; copies of written comments received from the AICPA, FASB, & the SEC on a draft of this report.

Author : United States. Securities and Exchange Commission
Publisher : Unknown
Page : 1202 pages
File Size : 54,6 Mb
Release : 1978
Category : Accountants
ISBN : OSU:32437011436926

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Securities and Exchange Commission Report to Congress on the Accounting Profession and the Commission's Oversight Role by United States. Securities and Exchange Commission Pdf

Author : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations
Publisher : Unknown
Page : 456 pages
File Size : 49,5 Mb
Release : 1987
Category : Auditors
ISBN : PSU:000012673933

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SEC Corporate Audits by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations Pdf