The Audit and Assurance Council is a body established in 2012 to advise the Financial Reporting Council on matters related to audit and assurance, including the issuance of codes and standards. Unlike its predecessor, the Auditing Practices Board, the Council has a more limited and purely advisory role.
Audit rotation refers to a regulatory or policy requirement that mandates the periodic changing of an audit firm or auditor for a company to maintain the audits' objectivity and independence.
A comprehensive series of documents providing guidance on the application of auditing standards, originally issued by the Auditing Practices Committee (APC) and subsequently adopted by the Auditing Practices Board (APB).
The Auditing Practices Board (APB) was established to set high standards for auditing in the UK and the Republic of Ireland. It functioned from 1991 to 2012, after which it was replaced by the Audit and Assurance Council.
The Auditing Practices Committee (APC) develops auditing standards and guidelines that ensure effective audit practices in accordance with legal and regulatory requirements.
The Auditing Practices Committee (APC) was a committee under the Consultative Committee of Accountancy Bodies, tasked with issuing auditing standards and guidelines between 1976 and 1991.
Basic principles and essential procedures with which auditors are required to comply in conducting any audit of financial statements.
An auditors' report provides an independent opinion on the fairness and accuracy of a company's financial statements, central to ensuring transparency and integrity in financial reporting.
The Chartered Institute of Internal Auditors (CIIA) is a professional body dedicated to the development, promotion, and regulation of internal auditors around the world.
EuroSOX refers to European initiatives, particularly regulatory frameworks, aimed at enhancing and harmonizing financial reporting and disclosure standards across the EU to improve transparency and confidence in financial markets.
The extent of the errors that an auditor expects to find when performing substantive tests on a population or a sample of it.
Financial Reporting Releases (FRRs) are official communications issued by the SEC providing guidance on various accounting and auditing matters to ensure transparency and accuracy in financial reporting.
An overview of the Generally Accepted Auditing Standards (GAAS) set by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA), detailing the three General Standards, three Field Work Standards, and four Standards of Reporting.
The abbreviation IIA stands for the Institute of Internal Auditors, a global organization focused on advancing the internal audit profession through education, certification, and advocacy. The IIA is instrumental in defining internal audit standards, providing resources, and fostering the growth and development of internal auditors worldwide.
Independence in accounting is a state of having no bias, neutrality, and being objective regarding the client or another party while executing the audit function. This ensures the integrity and objectivity of the audit process.
The Institute of Internal Auditors (IIA) is a professional association founded in 1945 in the USA dedicated to the advancement of internal auditing standards and practices. Known for its journal, *The Internal Auditor*, the IIA also operates a British and Irish branch, now the Chartered Institute of Internal Auditors.
An independent body under the International Federation of Accountants (IFAC) responsible for issuing International Standards on Auditing (ISAs), exposure drafts, and guidelines on auditing and related services.
An overview of the standards that provide the fundamental principles and essential procedures for auditing, issued by the International Auditing and Assurance Standards Board (IAASB).
An inventory certificate is a management representation to an independent auditor regarding the inventory balance on hand. It typically details the method used in computing inventory quantity, pricing basis, and condition.
A formal written record of representations made by the management of an organization to the auditors, aimed at confirming matters of material significance impacting the audit and financial statements.
Practice Notes are issued by the Auditing Practices Board to assist auditors in applying Statements of Auditing Standards to specific circumstances and industries. They aim to indicate good practice and are more persuasive than prescriptive.
A review in accounting service provides limited assurance to the Board of Directors and other interested parties about the reliability of financial data. It does not involve an audit conducted according to generally accepted auditing standards but focuses on inquiry and analytical procedures.
Legislation introduced in response to major corporate financial scandals to enhance corporate transparency and accountability.
The Sarbanes-Oxley Act of 2002, often referred to as Sarbox or SOX, is a landmark piece of U.S. legislation designed to enhance corporate governance, financial transparency, and auditing standards in response to a series of high-profile corporate scandals, including the infamous Enron scandal.
A series of statements issued by the Auditing Practices Board (APB) detailing basic principles and essential procedures in auditing, applicable to audits of financial statements for periods commencing before 15 December 2004.
Statement on Auditing Standards (SAS) are issued by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) to establish accepted U.S. auditing standards. Members of AICPA must explain any deviations from SAS principles in their audit reports.
The Statutory Audit Directive, adopted by the European Union in 2006, aims to strengthen public confidence in the auditing profession by increasing transparency, accountability, and compliance with stringent auditing standards.
