What is regulatory framework in auditing?

The regulatory and ethical framework governing statutory auditing involves professional and ethical pronouncements for the conduct of audit, inspection of audit procedures and disciplinary proceedings in cases of non-compliance.

What are the objective of international standards on auditing?

The purpose of this International Standard on Auditing (ISA) is to establish standards and provide guidance on the objective and general principles governing an audit of financial statements.

What is the authority of international standards on auditing?

International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB).

Why do we need audit regulation?

It informs decisions that are made, for example, by shareholders, directors, investors and suppliers. Audit is an essential safeguard to provide independent assurance that the financial reporting of businesses properly reflects their circumstances.

What is a regulatory framework for financial reporting?

The framework for financial reporting include locally applicable accounting laws, regulations, rules and standards, that are determined by regulatory authorities such as the Nigerian Accounting Standard Board (NASB), which operates under a set of assumptions, principles, and constraints.

What is the framework governing the audits in Tanzania?

There is no independent audit oversight arrangement in Tanzania. Auditors are regulated by the National Board of Accountants and Auditors (NBAA) which was established under the Auditors and Accountants (Registration) Act No. 33 of 1972 and operates under the supervision of the Ministry of Finance and Planning (MoFP).

What is the relationship between international standards on auditing and US auditing standards?

US auditing standards are more binding than international auditing standards. Bothe audit standards provide some laws and regulations for the appropriate audit procedure. The auditors use these regulations for the accurate checking of financial statements.

What is the objective of the Iaasb who uses international standards on auditing?

The IAASB’s objective is to serve the public interest by setting high-quality auditing and assurance standards and by facilitating the convergence of international and national auditing and assurance standards, thereby enhancing the quality and consistency of practice throughout the world and strengthening public …

Which of the following standards are not issued by the International Auditing and Assurance Standards Board?

International Auditing and Assurance Standards Board issues all the following standards except: International Standards on Assurance Engagements (ISAE). International Standards on Quality Control (ISQC).

What audit procedures are needed if an auditor identified or suspected non-compliance?

If the auditor identifies or suspects non-compliance, the auditor will need to consider whether law, regulation and ethical requirements either require the auditor to report to an appropriate authority outside the entity, or establish responsibilities under which this may be appropriate.

What audit procedures are needed if an auditor identifies or suspects non-compliance?

If the auditor is aware of the information concerning an instance of non-compliance or suspects a non-compliance, the auditor needs to obtain: An understanding of the nature of the act and the circumstances under which it has occurred; Further information to evaluate the possible effect on the Financial Statements.

What is the role of regulatory framework in accounting?

The regulatory framework provides a set of rules and regulations for accounting. At the international level, the International Accounting Standards Board provides a broad regulatory framework of International Accounting Standards.

How do legislation and/or regulation affect internal audit?

Such legislation and/or regulation tends to narrow the ability of an internal audit function to provide value to the organization and help it achieve its objectives. The IIA is the internal audit profession’s global standard-setting body, as well as its most widely recognized advocate, educator, and provider of guidance and certification.

What are the different regulatory environments for statutory audits?

There are three regulatory environments which govern statutory audits and one of them is auditing standards. At International level, the International Federation of Accountants (IFAC) is the global organization for the accounting profession.

What is the International Auditing and Assurance Standards Board?

An independent standard-setting board under IFAC is known as the International Auditing and Assurance Standards Board (IAASB). The IAASB developed the International Standards on Auditing (ISAs) to be carried out on audit engagements.

What are the IIA’s Internal Audit Guidelines?

The IIA recommends that legislation and/or regulation contain(s) the following language: “To ensure internal audit is effective and organizationally independent, the organization will appoint a committee of the board to oversee internal audit and to whom the head of internal audit