L2 Notes_Part_21 - depends on the exercise of professional...

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Terminology in Auditing Standards Unconditional Auditors must fulfill responsibilities “Must’ Responsibilities “Is Required” “Shall” (PCAOB) Presumptively Auditors must comply with “Should” Mandatory Requirements unless auditors demonstrate and document that alternative actions were sufficient to achieve the objectives of the standards Responsibility to Auditors should consider; whether the “Might” Consider auditors comply with the requirements “Could” (PCAOB)
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Unformatted text preview: depends on the exercise of professional judgment in the circumstances Whittington, Pany: Principles of Auditing Corporate Governance Involves oversight of managements activities -Establishing strategy -Conducting operations to achieve strategic objectives and manage risks -Communicate with external constituents Consist of the Board of Directors and its committees, the external and internal auditors Discuss interaction of these groups and their roles Corporate Governance...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L2 Notes_Part_21 - depends on the exercise of professional...

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