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Auditing Features and Objectives – Primary and Secondary. Audit reporting: The purpose of the audit report is to communicate the results of the investigation. #4: Statutory Audit. Until the 1970s, the AICPA held a virtual monopoly in this field.In the 1970s, however, it transferred its responsibility for setting generally accepted accounting principles (GAAP) to the newly formed Financial Accounting Standards 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 policymakers concluded 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 enforcement authority than a non-governmental professional association, such as the AICPA could provide.As a result, the Sarbanes-Oxley law created the Public Company Accounting Oversight Board (PCAOB), which has jurisdiction over virtually every area of CPA practice about public companies.However, the AICPA retains its considerable standards setting, ethics enforcement, and firm practice quality monitoring roles for the majority of practicing CPAs, who serve privately held businesses and individuals.The audit is a systematic process of obtaining an objective evaluation of the evidence referring to the statements regarding documents or events with the economic character to appreciate the degree of conformity of these with pre-established criteria, to communicate the results of the interesting parts.We can define auditing as; the examination of a Balance Sheet and Profit and Loss Account prepared by others, together with the books, accounts, and vouchers relating to that in such a manner that the auditor may be able to satisfy himself and honestly report that, in his opinion, such Balance Sheet is properly drawn up to exhibit true and correct view of the estate of affairs of the particular concern according to the information and explanations are given to him, and as shown by the books.Cost Audit: Definition, Advantages, Disadvantages, Types of Cost AuditAuditor Definition: Qualities and Types of Auditors They are;Founded in 1977, IFAC has 179 members and associates in 130 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe.The organization, through its independent standard-setting boards, establishes the globally accepted and implemented standards of ethics, It also issues guidance to encourage high-quality performance by professional accountants in business.To ensure the activities of IFAC and the independent standard-setting bodies supported by IFAC are responsive to the public interest, an international As a global body of the accountancy profession; the International Federation of Accountants (IFAC) performs;IFAC’s mission is to serve the public interest by contributing to the development of high-quality standards and guidance.International Federation of Accountants facilitates the adoption and implementation of high-quality standards and guidance.By contributing to the development of strong professional accountancy organizations and accounting firms and high-quality practices by professional accountants, and promoting the value of professional accountants worldwide, and speaking out on public interest issues.The vision of the International Federation of Accountants is that the global accountancy profession is recognized as a valued- leader in the development of strong and sustainable organizations, financial markets, and economies.IFAC’s structure and governance are designed to promote transparency, to facilitate collaboration with members and consultation with stakeholders, and to ensure the efficient operations of the organization.Founded in 1977, IFAC is a Swiss-registered association whose members are professional accountancy organizations.Ultimate governance of IFAC rests with the IFAC Council, which comprises one representative from each member.The Council meets once a year and is responsible for deciding constitutional and strategic matters and electing the Board.Overall direction and administration are provided by the IFAC Secretariat headquartered in New York IFAC are staffed by accounting professionals from around the world.Over 15,000 of these members live and work outside the U.K. • Frame the investigation and your report on the rule or policy at issue • Begin the actual writing of your report with background, scope, and issue statements early in the investigation • Strive to document your factual, timely, and thorough investigation in a clear, complete and concise report 2. Forensic audit also needs to follow ethical guideline like an audit of financial statements.This kind of engagement is not so popular as an audit of financial statements or statutory auditing. Precision In a good report, the report writer is very clear about the exact and definite purpose of writing the report. Auditing Origin and Evolution – History of Auditing. the Investigation Agency, Prosecuting Agency and the Criminal Courts dealing with the matter.
Auditing Features and Objectives – Primary and Secondary. Audit reporting: The purpose of the audit report is to communicate the results of the investigation. #4: Statutory Audit. Until the 1970s, the AICPA held a virtual monopoly in this field.In the 1970s, however, it transferred its responsibility for setting generally accepted accounting principles (GAAP) to the newly formed Financial Accounting Standards 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 policymakers concluded 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 enforcement authority than a non-governmental professional association, such as the AICPA could provide.As a result, the Sarbanes-Oxley law created the Public Company Accounting Oversight Board (PCAOB), which has jurisdiction over virtually every area of CPA practice about public companies.However, the AICPA retains its considerable standards setting, ethics enforcement, and firm practice quality monitoring roles for the majority of practicing CPAs, who serve privately held businesses and individuals.The audit is a systematic process of obtaining an objective evaluation of the evidence referring to the statements regarding documents or events with the economic character to appreciate the degree of conformity of these with pre-established criteria, to communicate the results of the interesting parts.We can define auditing as; the examination of a Balance Sheet and Profit and Loss Account prepared by others, together with the books, accounts, and vouchers relating to that in such a manner that the auditor may be able to satisfy himself and honestly report that, in his opinion, such Balance Sheet is properly drawn up to exhibit true and correct view of the estate of affairs of the particular concern according to the information and explanations are given to him, and as shown by the books.Cost Audit: Definition, Advantages, Disadvantages, Types of Cost AuditAuditor Definition: Qualities and Types of Auditors They are;Founded in 1977, IFAC has 179 members and associates in 130 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe.The organization, through its independent standard-setting boards, establishes the globally accepted and implemented standards of ethics, It also issues guidance to encourage high-quality performance by professional accountants in business.To ensure the activities of IFAC and the independent standard-setting bodies supported by IFAC are responsive to the public interest, an international As a global body of the accountancy profession; the International Federation of Accountants (IFAC) performs;IFAC’s mission is to serve the public interest by contributing to the development of high-quality standards and guidance.International Federation of Accountants facilitates the adoption and implementation of high-quality standards and guidance.By contributing to the development of strong professional accountancy organizations and accounting firms and high-quality practices by professional accountants, and promoting the value of professional accountants worldwide, and speaking out on public interest issues.The vision of the International Federation of Accountants is that the global accountancy profession is recognized as a valued- leader in the development of strong and sustainable organizations, financial markets, and economies.IFAC’s structure and governance are designed to promote transparency, to facilitate collaboration with members and consultation with stakeholders, and to ensure the efficient operations of the organization.Founded in 1977, IFAC is a Swiss-registered association whose members are professional accountancy organizations.Ultimate governance of IFAC rests with the IFAC Council, which comprises one representative from each member.The Council meets once a year and is responsible for deciding constitutional and strategic matters and electing the Board.Overall direction and administration are provided by the IFAC Secretariat headquartered in New York IFAC are staffed by accounting professionals from around the world.Over 15,000 of these members live and work outside the U.K. • Frame the investigation and your report on the rule or policy at issue • Begin the actual writing of your report with background, scope, and issue statements early in the investigation • Strive to document your factual, timely, and thorough investigation in a clear, complete and concise report 2. Forensic audit also needs to follow ethical guideline like an audit of financial statements.This kind of engagement is not so popular as an audit of financial statements or statutory auditing. Precision In a good report, the report writer is very clear about the exact and definite purpose of writing the report. Auditing Origin and Evolution – History of Auditing. the Investigation Agency, Prosecuting Agency and the Criminal Courts dealing with the matter.