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A "statutory audit" is a legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial ...
Under statutory law, an auditor can be held civilly or criminally liable. [3] Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4]
An information technology audit, or information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure. The evaluation of obtained evidence determines if the information systems are safeguarding assets, maintaining data integrity , and operating effectively to achieve the organization's ...
The primary bodies in each country are affiliated to the International Federation of Accountants while a few do not belong to IFAC as they operate more like specialist bodies helping the work of accountants and auditors such as the field of taxation, forensic auditing and systems auditing. These bodies include:
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 ...
The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA's role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.
In the United States, audit partner rotation is recommended in Title II Section 203 Sarbanes Oxley 116 Stat 773 (Audit Partner Rotation) (Audit Partner Rotation) of the Sarbanes–Oxley Act. The European Commission has issued on 16/5/02 a recommendation: "Statutory Auditors’ Independence in the EU, A Set of Fundamental Principles". The ...
The definition covers the way a group of companies operate and present themselves, and is consistent with the Statutory Audit Directive. The IESBA periodically issues revisions to the IESBA Code. In 2019, the IESBA issued revisions to Part 4B of the IESBA Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised). [ 7 ]