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The support from and relation to the Audit Committee of the client company, the contract and the contractual reference to public accounting standards/codes generally provides independence from management, the code of ethics of the Public Accountant profession helps give guidance on independence form suppliers, clients, and third parties.
The International Ethics Standards Board for Accountants (IESBA) develops and promotes the International Code of Ethics for Professional Accountants (including International Independence Standards). The IESBA also supports debate on issues related to accounting ethics and auditor independence.
Seven goals of accounting ethics education. Relate accounting education to moral issues. Recognize issues in accounting that have ethical implications. Develop "a sense of moral obligation" or responsibility. Develop the abilities needed to deal with ethical conflicts or dilemmas. Learn to deal with the uncertainties of the accounting profession.
The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts.The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and ...
Audit financial documents had been presented to shareholders, but at this point anyone could be an auditor. In these early days there was little accountability or standardization. [18] Financial auditing, and various other English accounting practices, first came to the United States in the late nineteenth century.
Practitioner’s specialist, who "possesses expertise in a field other than accounting or attestation", who assists in gathering evidence. SSAE 18 also identifies other relevant roles not directly engaged in the audit: [18] AICPA, which publishes the audit standards and code of ethics that the responsible or engaged parties are expected to follow;
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
In the United States, the Public Company Accounting Oversight Board develops standards (Auditing Standards or AS) for publicly traded companies since the 2002 passage of the Sarbanes–Oxley Act; however, it adopted many of the GAAS initially. The GAAS continues to apply to non-public/private companies.