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International Auditing And Assurance Standards Board
The International Auditing and Assurance Standards Board (IAASB) is an independent standards body that issues standards, like the International Standards on Auditing, quality control guidelines, and other services, to support the international auditing of financial statements. It is a body supported by the International Federation of Accountants (IFAC). The Public Interest Oversight Board provides oversight of the IAASB, ensuring that the standards are in the public interest. To further ensure proposed standards are in the public interest the IAASB consults its Consultative Advisory Group, which is composed of standard setters, various international organizations from the private and public sectors, and regulators. Representatives include a balance of users and prepares of financial statements, and should to the extent practicable be balanced geographically. Founded in March 1978 as the International Auditing Practices Committee (IAPC), the IAASB's current strategic objectives inc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standards Body
A standards organization, standards body, standards developing organization (SDO), or standards setting organization (SSO) is an organization whose primary function is developing, coordinating, promulgating, revising, amending, reissuing, interpreting, or otherwise contributing to the usefulness of technical standards to those who employ them. Such an organization works to create uniformity across producers, consumers, government agencies, and other relevant parties regarding terminology, product specifications (e.g. size, including units of measure), protocols, and more. Its goals could include ensuring that Company A's external hard drive works on Company B's computer, an individual's blood pressure measures the same with Company C's sphygmomanometer as it does with Company D's, or that all shirts that should not be ironed have the same icon (a clothes iron crossed out with an X) on the label. Most standards are voluntary in the sense that they are offered for adoption by people ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Standards On Auditing
International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA guides the auditor to add value to the assignment hence building confidence of investors. The standards cover various areas of auditing, including respective responsibilities, audit planning, Internal Control, audit evidence, using the work of other experts, audit conclusions and audit reports, and standards for specialized areas. Use of the ISAs * European Union: The Audit Directive of 17 May 2006 enforces the use of the ''International Standards on Auditing'' for all Statutory audits to be performed in the European Union. The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international audi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quality Control
Quality control (QC) is a process by which entities review the quality of all factors involved in production. ISO 9000 defines quality control as "a part of quality management focused on fulfilling quality requirements". This approach places emphasis on three aspects (enshrined in standards such as ISO 9001): # Elements such as controls, job management, defined and well managed processes, performance and integrity criteria, and identification of records # Competence, such as knowledge, skills, experience, and qualifications # Soft elements, such as personnel, integrity, confidence, organizational culture, motivation, team spirit, and quality relationships. Inspection is a major component of quality control, where physical product is examined visually (or the end results of a service are analyzed). Product inspectors will be provided with lists and descriptions of unacceptable product defects such as cracks or surface blemishes for example. History and introduction Ea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Audit
A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organization. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.Arens, Elder, Beasley; Auditing and Assurance Services; 14th Edition; Prentice Hall; 2012 Overview The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Statement
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity or statement of equity, or statement of retained earnings, reports on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Federation Of Accountants
The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants employed in public practice, industry and commerce, government, and academia. The organization supports the development, adoption, and implementation of international standards for accounting education, ethics, and the public sector as well as audit and assurance. It supports four independent standard-setting boards, which establish international standards on ethics, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in small and medium business accounting practices. To ensure the activities of IFAC and the independent standard-setting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deloitte
Deloitte Touche Tohmatsu Limited (), commonly referred to as Deloitte, is an international professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of professionals in the world and is considered one of the Big Four accounting firms along with EY (Ernst & Young), KPMG and PricewaterhouseCoopers (PWC). The firm was founded by William Welch Deloitte in London in 1845 and expanded into the United States in 1890. It merged with Haskins & Sells to form Deloitte Haskins & Sells in 1972 and with Touche Ross in the US to form Deloitte & Touche in 1989. In 1993, the international firm was renamed Deloitte Touche Tohmatsu, later abbreviated to Deloitte. In 2002, Arthur Andersen's practice in the UK as well as several of that firm's practices in Europe and North and South America agreed to merge with Deloitte. Subsequent acquisitions have included Monitor Group, a large strategy consulting business, in Janu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Chartered Accountants In England And Wales
The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of July 2022, it has over 198,000 members and students in 147 countries. ICAEW was established by royal charter in 1880. Overview The institute is a member of the Consultative Committee of Accountancy Bodies (CCAB), formed in 1974 by the major accountancy professional bodies in the UK and Ireland. The fragmented nature of the accountancy profession in the UK is in part due to the absence of any legal requirement for an accountant to be a member of one of the many Institutes, as the term ''accountant'' does not have legal protection. However, a person must belong to ICAEW, ICAS or CAI to hold themselves out as a '' chartered accountant'' in the UK (although there are other chartered bodies of British qualified accountants whose members are likewise authorised to conduct restric ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Interest Oversight Board
The Public Interest Oversight Board (PIOB) is an international body that oversees the International Federation of Accountants (IFAC) and seeks to improve the quality and public interest focus of the IFAC standards in the areas of audit, education, and ethics. Formation Creation of the PIOB in 2005 was triggered by a series of corporate scandals including the collapse of Enron and WorldCom in the United States and of Parmalat in Europe. These undermined public confidence in the conduct and competence of audit practitioners, leading to demand for an overhaul of the IFAC including an independent oversight body to ensure that all standards are in the public interest. The board was established through a collaborative effort by members of the international financial regulatory community, working with IFAC, led by Michel Prada, Chairman of the French Financial Markets Authority and Deputy Chairman of the International Organization of Securities Commissions (IOSCO) Technical Committee. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Interest
The public interest is "the welfare or well-being of the general public" and society. Overview Economist Lok Sang Ho in his ''Public Policy and the Public Interest'' argues that the public interest must be assessed impartially and, therefore, defines the public interest as the "''ex ante'' welfare of the representative individual." Under a thought experiment, by assuming that there is an equal chance for one to be anyone in society and, thus, could benefit or suffer from a change, the public interest is by definition enhanced whenever that change is preferred to the status quo ''ex ante''. This approach is "''ex ante''", in the sense that the change is not evaluated after the fact but assessed before the fact without knowing whether one would actually benefit or suffer from it. This approach follows the "veil of ignorance" approach, which was first proposed by John Harsanyi but popularized by John Rawls in his 1971 ''Theory of Justice''. Historically, however, the approach ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital subscribers. It also is a producer of popular podcasts such as '' The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national " newspaper of record". For print it is ranked 18th in the world by circulation and 3rd in the U.S. The paper is owned by the New York Times Company, which is publicly traded. It has been governed by the Sulzberger family since 1896, through a dual-class share structure after its shares became publicly traded. A. G. Sulzberger, the paper's publisher and the company's chairman, is the fifth generation of the family to head the pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Organization Of Supreme Audit Institutions .
Thirty-four audit organizations formed the group originally and as of 2010 the current membership includes 193 institutions (188 national institutions, the Europ ...
The International Organization of Supreme Audit Institutions (INTOSAI) is an intergovernmental organization whose members are supreme audit institutions. Nearly every supreme audit institution in the world is a member of INTOSAI. Depending on the type of system used in their home country, the members of INTOSAI may be variously titled the Chief Financial Controller, the Office of the Comptroller General, the Office of the Auditor General, the Court of Accounts, or the Board of Audit. INTOSAI was founded in 1953 in Havana, Cuba Havana (; Spanish: ''La Habana'' ) is the capital and largest city of Cuba. The heart of the La Habana Province, Havana is the country's main port and commercial center. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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