Statutory Audit
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Statutory Audit Statutory Audit Robert Hodgkinson, Robert Hodgkinson, ICAEW Director, Technical ICAEW Director, Technical BIICL, 19 November 2004 BIICL, 19 November 2004
description
Statutory Audit. Robert Hodgkinson, ICAEW Director, Technical BIICL, 19 November 2004. Auditor’s duties, liabilities and impact on board structure. Agency problems. Principals. Activities. Agents. The assurance solution of the IAASB framework. Intended users. Subject matter. - PowerPoint PPT Presentation
Transcript of Statutory Audit
Statutory AuditStatutory Audit
Robert Hodgkinson, Robert Hodgkinson,
ICAEW Director, TechnicalICAEW Director, Technical
BIICL, 19 November 2004BIICL, 19 November 2004
Auditor’s duties, liabilities and Auditor’s duties, liabilities and impact on board structureimpact on board structure
Agency problems
Agents
Principals
Activities
The assurance solution of the IAASB framework
Intended users
Responsible party
Subject matter
Assurance practitioners
Statutory audit of EU companies
Intended users
Boards
Audited information
Auditors
Pressures for change
2004
2003
2002
2001 Company Law Review
Sarbanes-Oxley Act
Revised Combined Code
Companies (A,I&CE) Act
8th Directive?
OFR Regulation?
Companies Bill?2005
Impact on board structures
Audit committees
Independent directors
Financial experts
Governance disclosures
Relationship with auditors
Independence requirements
Auditor’s duties
Training and qualifications
Auditing standards
Quality control and independent oversight
Transparency of firms
Liabilities
The shareholders
Investors
Wider stakeholders
The company
Boards Auditors
Audited information
Liabilities
The risk of lost information
Liabilities
Boards Auditors
Audited information
The alternative
Engaged shareholders
Responsibleboards
Useful assured information
Respected auditors
Auditor’s duties, liabilities and Auditor’s duties, liabilities and impact on board structureimpact on board structure
Questions and commentsQuestions and comments
