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Audit & Assurance CA2D > Chapter 1.2 - Accountability, Stewardship & Agency > Flashcards

Chapter 1.2 - Accountability, Stewardship & Agency Flashcards

1
Q

Accountability

A

Responsible for one’s actions
BODs are accountable to prepare FS for SH
Managers are accountable to business owners, ie SH

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2
Q

Stewardship

A

Duties & obligation of a person who manages another person’s property
Directors account for the stewardship of assets & investments placed under their control by SH

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3
Q

Agency

A

Directors - Agent
SH - Principal

External audit address the agency conflict

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Audit & Assurance CA2D (9 decks)

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