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    F8 Chapter 2

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    SajidZia
    This document discusses the rules and regulations that govern the conduct of audits. It outlines three main sets of rules that auditors must follow: 1) International Standards on Auditing (ISAs) which provide auditing standards, 2) Company and other corporate laws, and 3) Codes of ethics from organizations like the International Federation of Accountants (IFAC) and the Association of Chartered Certified Accountants (ACCA). Governments establish auditing standards and regulate the audit process to ensure audits are of satisfactory quality and conducted by suitably qualified individuals. The document also briefly discusses auditor appointment and removal, auditor rights and duties, and factors considered for exempting small companies from mandatory audits.

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    F8 Chapter 2

    Uploaded by

    SajidZia
    106 views8 pages
    This document discusses the rules and regulations that govern the conduct of audits. It outlines three main sets of rules that auditors must follow: 1) International Standards on Auditing (ISAs) which provide auditing standards, 2) Company and other corporate laws, and 3) Codes of ethics from organizations like the International Federation of Accountants (IFAC) and the Association of Chartered Certified Accountants (ACCA). Governments establish auditing standards and regulate the audit process to ensure audits are of satisfactory quality and conducted by suitably qualified individuals. The document also briefly discusses auditor appointment and removal, auditor rights and duties, and factors considered for exempting small companies from mandatory audits.

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    question and answer of chapter 2

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    This document discusses the rules and regulations that govern the conduct of audits. It outlines three main sets of rules that auditors must follow: 1) International Standards on Auditing (ISAs) which provide auditing standards, 2) Company and other corporate laws, and 3) Codes of ethics from organizations like the International Federation of Accountants (IFAC) and the Association of Chartered Certified Accountants (ACCA). Governments establish auditing standards and regulate the audit process to ensure audits are of satisfactory quality and conducted by suitably qualified individuals. The document also briefly discusses auditor appointment and removal, auditor rights and duties, and factors considered for exempting small companies from mandatory audits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    106 views8 pages

    F8 Chapter 2

    Uploaded by

    SajidZia
    This document discusses the rules and regulations that govern the conduct of audits. It outlines three main sets of rules that auditors must follow: 1) International Standards on Auditing (ISAs) which provide auditing standards, 2) Company and other corporate laws, and 3) Codes of ethics from organizations like the International Federation of Accountants (IFAC) and the Association of Chartered Certified Accountants (ACCA). Governments establish auditing standards and regulate the audit process to ensure audits are of satisfactory quality and conducted by suitably qualified individuals. The document also briefly discusses auditor appointment and removal, auditor rights and duties, and factors considered for exempting small companies from mandatory audits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 8

    Chapter 2

    Rules & Regulation


    Chapter 2..
    The rules and who sets them
    1. The need for regulation

    2. Auditing standards

    3. The Law

    4. How are auditors appointed and removed ?

    5. The auditors rights

    6. The auditors duties

    Conduct of Audit
    International Standards on Auditing (ISAs)
    Company & Other Corporate Laws
    Codes of Ethics (IFAC & ACCA)
    Conduct of Audit is governed by Three sets of rules:
    Governments have tried to ensure that audits are conducted by
    people who are suitably qualified and whose work is of satisfactory
    quality.
    Auditing Standards Setting F8 Perspective
    IFAC
    IAASB
    ISAs
    ISQC
    IFAC
    Code of Ethics
    Standard setting & regulation
    Audit Exemption
    Owner managed companies
    Audit fee - CBA
    Impact of misstatements to wider economy
    The main reasons for exempting small companies are:
    Provisions of non-audit services
    Disruption due to Audit - CBA
    Who can act as an auditor

    Rights of Auditor
    Access to books & records
    Receive notice of AGM & other meetings
    Receive information necessary for audit
    Auditors have the following rights beside duty to perform
    audit with due professional care and competence.

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