2 Rules and regulation Flashcards

1
Q

What are the three initiatives which was introduced?

A

Harmonisation
On audit quality
Ethical code

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2
Q

What regulatory guidance do auditors need to follow?

A

National corporate law
Auditing standard
Code of ethics

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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

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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

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5
Q

Who appoints the auditor?

A

Members/directors/secretary of state

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6
Q

When are auditors of public companies appointed?

A

At each AGM

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7
Q

When are auditors appointed of private companies?

A

Until they are removed

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