Chapter 2 - Safeguards created by accounting profession, legislation or regulation Flashcards
1
Q
What are the 6 safeguards?
A
1) Education, training and experience requirements into the accounting profession
2) Continuing professional development requirements
3) Corporate governance regulations
4) Professional accounting standards
5) Professional or regulatory monitoring and disciplinary procedures
6) External review of the reports, returns, communications or information produced by a professional accountant by a legally empowered third party, for example an external auditor.
