Page 5 - AAA Integrated Workbook STUDENT S18-J19

Chapter 1

Regulatory environment

Outcome

By the end of this session you should be able to:

 explain the need for laws, regulations, standards and other guidance relating to
audit, assurance and related services

 outline and explain the need for the legal and professional framework including:

(i) public oversight of audit and assurance practice

(ii) the impact of corporate governance principles on audit and assurance
practice

(iii) the role of audit committees and impact on audit and assurance practice.

 discuss the content and impact of exposure drafts, consultations and other
pronouncements issued by IFAC and its supporting bodies(including IAASB,
IESBA and TAC)

 discuss current developments in auditing standards including the need for new
and revised standards and evaluate their impact on the conduct of audits

and answer questions relating to these areas.

The underpinning detail for this chapter in your Integrated Workbook can
be found in Chapter 1 of your Study Text

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