Page 7 - AAA Integrated Workbook STUDENT S18-J19
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Regulatory environment
Public oversight
Decision makers within financial markets need to have information (subject matter) to
make decisions.
Assurance professionals provide reports that give an independent opinion as to
whether subject matter complies with pre-determined criteria.
With this independent report the decision maker can make an informed decision
based on reliable information.
Regulation of the profession comes from:
International Standards on Auditing
Code of Ethics for Professional Accountants
Corporate Governance regulations and reporting requirements
The Public Interest Oversight Board – set up to oversee IFAC's auditing and
assurance, ethics, and education standard setting activities and its membership
compliance programme.
Compliance with these regulations:
Ensures work is performed to a high standard which
Enhances confidence in the assurance reports issued and the profession as a
whole
Ensures consistency of work performed by different firms around the world.
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