2 Rules and regulation Flashcards
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
