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F8 Audit and Assurance > 2 Rules and regulation > Flashcards

Flashcards in 2 Rules and regulation Deck (7)
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1
Q

What are the three initiatives which was introduced?

A

Harmonisation
On audit quality
Ethical code

2
Q

What regulatory guidance do auditors need to follow?

A

National corporate law
Auditing standard
Code of ethics

3
Q

What does national law include?

A

What companies are required to have an audit
Who can and can’t carry out an audit
Auditor appointment, resignation and removal
The rights and duties of an auditor

4
Q

To be eligible as an auditor, a person must be:

A

A member of a recognised supervisory body

Someone directly authorised by the state

5
Q

Who appoints the auditor?

A

Members/directors/secretary of state

6
Q

When are auditors of public companies appointed?

A

At each AGM

7
Q

When are auditors appointed of private companies?

A

Until they are removed