Laws and Regulations in Audit

Ebook Auditing Theory: Part 1 presents the following content: Introduction to Auditing; Auditing Practices; Roles and Independence of Auditor; Section 226, 314 and Code of Ethics; Audit Planning; Laws and Regulations in Audit;...Please refer to the documentation for more details.

137p chankora 16-06-2023 6 1   Download

Credit institutions in Viet Nam regulated under Law on Credit Institutions(1) consist of commercial banks, non-bank credit institutions, and cooperative banks. The commercial banks are allowed to perform all types of banking activities and for profit purpose. The internal audit activity is established under direct supervision of Board of Supervisors (hereafter called BOS), which is elected by General Shareholders’ Meeting. As a consequence, the internal audit activity is expected to retain organizational independence as having direct access to Board of Directors (hereafter called BOD), BOS.

5p chauchaungayxua7 12-08-2020 25 1   Download

The purpose of this paper is to enhance understanding of corporate governance (CG) in the banking sector and to explore the existence and practice of corporate governance mechanisms in United Arab Emirates (UAE) national commercial banks. More specifically, the paper is targeted to examine whether the mechanisms forced by the law; Board of Directors, Auditors, Audit Committee and Credit Committee, are used by UAE banks and if the majority of these banks choose independent boards.

39p trinhthamhodang2 21-01-2020 34 2   Download

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 1992 issued Internal Control – Integrated Framework to help businesses and other entities assess and enhance their internal control systems. Since that time the Framework has been recognized by executives, board members, regulators, standard setters, professional organizations and others as an appropriate comprehensive Framework for internal control. Also, changes have taken place in the financial reporting and related legal and regulatory environments.

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In the last two decades, European Union (EU) administrative law has gone through a process of extraordinary development and consolidation. It first developed as a body of principles and rules aimed at governing, on the one hand, the action of the EU public powers (such as the action of the Commission in the fields of State aids and competition), on the other hand, the action of the national administrations operating as decentralized EU agencies (e.g. the action of national public administrations in the field of public procurement)....

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An audit consists of two parts: gathering data about a program and evaluat- ing the data.The audited program must comply with a variety of regulations and guidelines: federal environmental, safety, and health regulations; local and state requirements; and internal institutional performance requirements. Governmental controls may include laws that cover environmental manage- ment, right-to-know issues, or process safety management. An audit should identify the strengths as well as the weaknesses of a pro- gram.

36p tay_thi_le 19-02-2013 56 5   Download

A material weakness is a condition in which the design or operation of one or more internal control components does not reduce to a relatively low level the risk that noncompliance with applicable requirements of laws, regulations, contracts, and grants that would be material in relation to a major federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions.

179p tay_thi_le 19-02-2013 45 4   Download

The State’s management is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts, and grants applicable to federal programs.

48p tay_thi_le 19-02-2013 37 3   Download

The IT-Grundschutz Catalogues (see [GSK]) and the BSI standards (see [BSI]) are the standard references for IS audits. If these references do not contain information relating to the implemented technologies you use, then other relevant regulations, laws, standards, or manufacturer specifications apply. The use of these references is to be documented and accounted for justified. Every IS audit team should consist of at least two IS auditors to guarantee the independence and objectivity of the audit (”two-person rule”).

336p tay_thi_le 19-02-2013 50 6   Download

While the basic elements of audit task plans are likely to be similar, the actual contents will differ widely depending on the type of audit (regularity or performance), the audit objective(s) and the auditee. Substantial differences will be found even with similar types of audit. For example, in an audit to give an opinion on the financial statements of an entity that is believed to have reasonably good accounting systems, the methodology is likely to emphasise testing the systems and examining the adequacy of the management controls.

35p tay_thi_le 19-02-2013 65 3   Download

The annual auditor assessment should draw upon the audit committee’s experience with the auditor during the current engagement (presentations; reports; dialogue during formal, ad hoc and executive sessions), informed by prior year evaluations. It is appropriate to obtain observations on the auditor from others within the company, including management and internal audit, accompanied by discussions with key managers. A suggested survey for obtaining observations from others within the company follows the assessment questionnaire.

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For countries with a tradition of reliance on laws and regulations (rather than standards) for the fixing of accounting and auditing requirements, specific issues arise. Rather than giving authority to a continuing process of standard-setting, new statutory measures are required whenever a new international standard is enacted, or an existing international standard is amended. Typically, such changes must be gazetted in the official language of the country.

28p taisaovanchuavo 26-01-2013 43 3   Download

This paper provides an overview of the main program of Bank diagnostic work in the field of private sector financial reporting: the Reports on the Observance of Standards and Codes (ROSC) accounting and auditing assessment. It summarizes some of the main findings of the 38 assessments that have been carried out to date, with specific reference to the challenges to the successful implementation of international accounting and auditing standards.

10p taisaovanchuavo 26-01-2013 69 5   Download

With complaints and inquiries from senior citizen investors concerning financial services and investment fraud increasing, the Missouri Securities Division, a division in the Office of Missouri Secretary of State Robin Carnahan, 1 took steps to determine how to best increase protection for those investors.

49p bocapchetnguoi 06-12-2012 46 1   Download