tailieunhanh - Lecture Auditing and assurance services in Australia: Chapter 2 - Gay, Simnett

Chapter 2 - The structure of the profession. This chapter presents the following content: Professional status of the auditor, regulation of auditing, registered company auditor, professional accounting organisations, profile of the audit profession and audit firms,. | THE STRUCTURE OF THE PROFESSION CHAPTER 2 PROFESSIONAL STATUS OF THE AUDITOR I Professional occupations can be distinguished by five common attributes. These are: systematic theory professional authority community sanction regulative codes, and well-established culture. PROFESSIONAL STATUS OF AUDITOR II Reliance on an underlying theory of accounting and auditing, Expertise, Ability to control admissions to the profession, Self-regulatory mechanisms employed, and Conservative behavioural subculture. Auditing can be said to be a profession because of its: REGULATION OF AUDITING I Australian Accounting Research Foundation (AARF) Established by ICAA and CPA Australia Prime responsibility is to support the AuASB Auditing and Assurance Standards Board (AuASB) Responsible for development of auditing and assurance services standards 11 members Reports to National Councils of ICAA and CPA Australia REGULATION OF AUDITING II Australian Securities and Investments Commission (ASIC) — the administering authority for the Corporations Act 2001. Companies Auditors and Liquidators Disciplinary Board (CALDB)— determines whether a registered auditor or liquidator has failed to carry out their duties properly or is not a fit and proper person to be registered. Two government agencies also involved in regulation of auditors: REGISTERED COMPANY AUDITOR In order to be appointed as a company auditor under s. 1280 of the Corporations Act, a person must ordinarily: be resident in Australia; be a member of an approved body (CPA Australia or ICAA or affiliated bodies); be an accounting graduate of a prescribed university or other prescribed institution in Australia; have sufficient auditing experience; and be a fit and proper person. REGULATION OF SUBJECT MATTER OF AUDITS Financial Reporting Council (FRC) — responsible for oversight of accounting standard-setting process. Australian Accounting Standards Board (AASB) — responsible for development of accounting . | THE STRUCTURE OF THE PROFESSION CHAPTER 2 PROFESSIONAL STATUS OF THE AUDITOR I Professional occupations can be distinguished by five common attributes. These are: systematic theory professional authority community sanction regulative codes, and well-established culture. PROFESSIONAL STATUS OF AUDITOR II Reliance on an underlying theory of accounting and auditing, Expertise, Ability to control admissions to the profession, Self-regulatory mechanisms employed, and Conservative behavioural subculture. Auditing can be said to be a profession because of its: REGULATION OF AUDITING I Australian Accounting Research Foundation (AARF) Established by ICAA and CPA Australia Prime responsibility is to support the AuASB Auditing and Assurance Standards Board (AuASB) Responsible for development of auditing and assurance services standards 11 members Reports to National Councils of ICAA and CPA Australia REGULATION OF AUDITING II Australian Securities and Investments Commission .