tailieunhanh - Lecture International accounting (3/e): Chapter 14 - Timothy Doupnik, Hector Perera

Chapter 14 - Comparative international auditing and corporate governance. This chapter presents the following content: Recent trends in international corporate governance, international diversity in external auditing, harmonization of international external auditing, auditor liability and independence, audit committees, international internal auditing, audit regulation. | Chapter Topics Recent trends in international corporate governance International diversity in external auditing Harmonization of international external auditing Auditor liability and independence Audit committees International internal auditing Audit regulation Learning Objectives Define corporate governance and discuss the circumstances that caused it to receive worldwide attention in recent years. Explain the link between auditing and corporate governance in an international context. Examine international diversity in external auditing. Explain the steps taken toward international harmonization of auditing standards. Learning Objectives Demonstrate an understanding of the issues concerning auditor liability and auditor independence. Explain the role of audit committees. Discuss the ethical issues involved in external auditing at the international level. Examine internal auditing issues in an international context. Discuss the provisions in the Sarbanes-Oxley Act of 2002 in relation to auditing issues. Recent accounting scandals, particularly those in the . (., Enron, WorldCom) have led to increased focus on corporate governance. The Sarbanes-Oxley Act of 2002 was a direct response to these scandals. This act includes new rules pertaining to corporate governance and auditing. These events in the . are consistent with a worldwide movement to improve corporate governance and auditing. Learning Objective 1 OECD guidance Principles of Corporate Governance (1999) provide guidance to help governments improve corporate governance within their borders. Corporate governance, “ involves a set of relationships between a company’s management, its board, its shareholders, and other stakeholders.” These principles also make clear that the board of directors has ultimate responsibility for governance. Learning Objective 2 OECD guidance In 2004, revisions to the corporate governance code point out that external auditors should answer to shareholders. These revisions also | Chapter Topics Recent trends in international corporate governance International diversity in external auditing Harmonization of international external auditing Auditor liability and independence Audit committees International internal auditing Audit regulation Learning Objectives Define corporate governance and discuss the circumstances that caused it to receive worldwide attention in recent years. Explain the link between auditing and corporate governance in an international context. Examine international diversity in external auditing. Explain the steps taken toward international harmonization of auditing standards. Learning Objectives Demonstrate an understanding of the issues concerning auditor liability and auditor independence. Explain the role of audit committees. Discuss the ethical issues involved in external auditing at the international level. Examine internal auditing issues in an international context. Discuss the provisions in the Sarbanes-Oxley Act of 2002 in relation