Reporting by Audit Oversight Bodies

World Bank Group

World Bank, Vienna

关键词: AUDIT QUALITY;    AUDITING;    QUALITY ASSURANCE SYSTEM;    AUDITING STANDARDS;    INSPECTIONS;   

RP-ID  :  136250

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

A wave of accounting scandals beginningabout fifteen years ago, including Enron, WorldCom, andParmalat, created a consensus among policymakers across theglobe that independent auditors were not adequatelychallenging the financial reporting by their clients andcould not be trusted to regulate themselves. Beginning withthe Sarbanes-Oxley Act of 2002 in the U.S., there has been aglobal movement away from self-regulation of the auditingprofession and towards independent oversight. Perhaps themost important milestone in this movement was the 2006 AuditDirective of the European Union, which required all EUmembers and accession candidates to implement independentoversight. A key goal of independent oversight is to providerelevant and reliable information to investors, lenders,audit committees, regulators, other stakeholders, and thegeneral public about auditors and the audit market, amongother matters. This paper aims to provide a brief synopsison the topic of reporting by audit oversight bodies (AOBs)through their annual and inspection reports. It outlinesinternational principles and legislative requirements,highlights certain good practices and shares results from afocused survey across EU-REPARIS and STAREP countries.