Accounting and Auditing Oversight PDF Download

Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets and Government Sponsored Enterprises
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 356

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Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations
Publisher:
ISBN:
Category : Auditors
Languages : en
Pages : 1244

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Author: Ecaterina Volosin
Publisher: GRIN Verlag
ISBN: 3640192303
Category : Business & Economics
Languages : en
Pages : 41

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Seminar paper from the year 2007 in the subject Business economics - Miscellaneous, grade: 1,0, University of Glamorgan (Business School), course: International Accounting & Audit, 23 entries in the bibliography, language: English, abstract: This paper provides an overview of the current regulatory frameworks for financial reporting and auditing in the UK, US and Germany. During the last years these frameworks were noticeably changed. These changes arose especially from political interest in accounting regulation following the Enron collapse. The main change in the US was the introduction of the Sarbanes-Oxley Act containing strict regulations for auditors, including their responsibilities and services. It also contains a list of prohibited audit activities, the so-called "non-audit" services. The main feature of the Act was the creation of an oversight board to regulate and control auditors of public companies. Thus the "Public Company Accounting Oversight Board" was established. The PCAOB is a private-sector non-profit overseer, supervised by the US Securities Exchange Commission (SEC) which regulates basically anything related to the securities market. Following the collapse of Enron and the turbulence in the UK markets that followed, a review of financial regulation in the UK was ordered, covering for example auditor independence, corporate governance, financial reporting and auditing standards and accountability of audit firms. In order to restore credibility in UK accounting the Financial Reporting Council (FRC), an independent private sector body funded by the accountancy profession, was set up. The FRC has several subsidiary bodies, including the Professional Oversight Board (POB) providing independent oversight of the regulation of the auditing profession. The German Auditor Oversight Commission (AOC) was established according to the Auditor Oversight Law. It is in charge of the public oversight of all activities of the German Chamber of Public Accounta

Author: Ecaterina Volosin
Publisher: GRIN Verlag
ISBN: 3640192036
Category : Business & Economics
Languages : en
Pages : 19

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Seminar paper from the year 2007 in the subject Business economics - Miscellaneous, grade: 1,0, University of Glamorgan (Business School), course: International Accounting & Audit, language: English, abstract: This paper provides an overview of the current regulatory frameworks for financial reporting and auditing in the UK, US and Germany. During the last years these frameworks were noticeably changed. These changes arose especially from political interest in accounting regulation following the Enron collapse. The main change in the US was the introduction of the Sarbanes-Oxley Act containing strict regulations for auditors, including their responsibilities and services. It also contains a list of prohibited audit activities, the so-called “non-audit” services. The main feature of the Act was the creation of an oversight board to regulate and control auditors of public companies. Thus the “Public Company Accounting Oversight Board” was established. The PCAOB is a private-sector non-profit overseer, supervised by the US Securities Exchange Commission (SEC) which regulates basically anything related to the securities market. Following the collapse of Enron and the turbulence in the UK markets that followed, a review of financial regulation in the UK was ordered, covering for example auditor independence, corporate governance, financial reporting and auditing standards and accountability of audit firms. In order to restore credibility in UK accounting the Financial Reporting Council (FRC), an independent private sector body funded by the accountancy profession, was set up. The FRC has several subsidiary bodies, including the Professional Oversight Board (POB) providing independent oversight of the regulation of the auditing profession. The German Auditor Oversight Commission (AOC) was established according to the Auditor Oversight Law. It is in charge of the public oversight of all activities of the German Chamber of Public Accountants (WPK) with respect to statutory auditors. The Commission has the ultimate responsibility in the areas of licensing, registration, disciplinary investigations and quality assurance, all with respect to members of WPK entitled to provide statutory audit services (WPK, n.d.). It is argued that these new regulations impose another layer of bureaucracy with significant costs for very little apparent gain. But ethical issues surrounding the public’s perception of auditor performance need to be addressed, not just for the sake of the profession, but for the efficiency and effectiveness of capital markets in general (Malthus and Scoble, 2005).

Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations
Publisher:
ISBN:
Category : Auditors
Languages : en
Pages : 1238

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Author: United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Governmental Efficiency and the District of Columbia
Publisher:
ISBN:
Category : Accountants
Languages : en
Pages : 586

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Author: Roberto Niesing
Publisher: GRIN Verlag
ISBN: 3638069478
Category : Business & Economics
Languages : en
Pages : 21

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Seminar paper from the year 2007 in the subject Business economics - Revision, Auditing, grade: 1,0, University of Glamorgan, language: English, abstract: The Assignment describes and analyses the strengths and weaknesses of the oversight over the auditing profession in the UK and USA. Also different important points were examined and critically discussed. In the film ‘Enemy of the state’ (2007) the American government wants to pass a law which allows wide observation which would endanger privacy. To reach this goal, Senator Reynolds even kills an opposing politician who had tried to avoid this act. At the end of the movie a simple question can be asked: “who controls the controller?”. The same issue was relevant when Enron became spectacularly bankrupt. This big conglomerate was audited by the accountancy firm Arthur Andersen. Andersen’s company also offered Enron non-audit services like book-keeping and consulting. Through this lack of independence, the auditors were trapped in a big conflict of interest and could not do their work. Since this huge disaster many changes in the oversight of auditing have taken place. Especially in the USA and the UK, control of auditing was reformed by the government. The following sections will provide detailed descriptions of the oversight systems in both countries. Afterwards a discussion and a critical analysis will outline the pros and cons for each regulation scheme and a consideration of the best way to point out the advantages and chances for oversight profession will be presented.

Author: United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations
Publisher:
ISBN:
Category : Accountants
Languages : en
Pages : 710

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Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 90

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Author: United States. Securities and Exchange Commission
Publisher:
ISBN:
Category : Accountants
Languages : en
Pages : 1208

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