ACC+5320+Ch.+2+Slides - Professional Standards Chapter 2...

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Professional Standards Chapter 2 Professor Cannon
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Sarbanes-Oxley Act of 2002 Handout Which new rules stick out to you as the most important? Which do you think had the biggest impact?
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Auditing Standard Setting Public companies PCAOB 2002 Gov’t entity SEC PCAOB Auditing Standards AICPA Auditing Standards Board Stmts on Auditing Standards IFAC IAASB Int’l Standards on Auditing SEC FASB US GAAP GAAS GAAP IASB IFRS GAAP GAAS Public Companies Int’l Companies Public Companies Private Companies Int’l Companies
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Generally Accepted Auditing Standards www.pcaobus.org
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GAAS Fundamental Principles Responsibilities Competence Ethics / Independence Performance Reporting
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Panel on Audit Effectiveness “The Panel recognizes that, in the final analysis, the most important determinants of audit effectiveness are the personal attributes and skills of the individual auditor... For the individual auditor, these attributes are independence in fact and in appearance, adherence to strong ethical standards, a great sense of personal integrity, and the will to act objectively even in the face of intense pressures… Each and every auditing professional contributes to the performance of an audit. No amount of guidance, admonitions to do
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