0
Audit committees are required by the NYSE, American Stock Exchange (AMEX), and National Association of Securities Dealers (NASDAQ/National Market System issuers).
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What documentation is not required for an audit in accordance with generally accepted auditing standards?
Which of the following documentation is not required for an
Audit risk assessment and audit plan?
An audit is considered a risk assessment, therefore these terms are interchangeable. And audit plan can have various meanings, some consider this to be an annual audit plan which includes all the audits that will occur within a companies calendar year. Others consider this to be the plan for undertaking a specific audit. Its all in how you define the words, audit plan, audit schedule, audit check list.
What is MAR model audit rule?
The Model Audit Rule (MAR) or, more specifically, Model Audit Rule 205 (MAR 205), is a financial reporting regulation very similar to Sarbanes Oxley (SOX). While SOX applies to SEC registrants (Public Companies), MAR applies to insurance companies, regardless of their SEC status. Please see this for more info: http://en.wikipedia.org/wiki/Model_Audit_Rule_205
What is the difference between investigation and statutory audit?
statutory audit is one conducted to meet the particular requirements of a governmental agency. Where such audits take place, the scope and audit programs are set by the governmental body. Banks, insurance companies, and brokerage firms have statutory audits. Since the auditor's report must conform to standards required by the governing agency, the statements and other financial data generated from these audits may not conform to Gaap. Audit management is responsible for ensuring that board-approved audit directives are implemented ---------------------------------------------------------------------------------------------------------------- Audit management oversees the internal/external audit staff, establishes audit programs, and hires and trains.
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
Are audit committees strictly an American invention?
In addition to the presence of audit committees in companies listed on U.S. stock exchanges, a number of stock exchanges in Canada, Europe, Africa, the Middle East, and the Asia/Pacific region have adopted requirements for audit committees
How does the public find out what the audit committee does?
Roles and responsibilities of audit committees are disclosed in the annual proxy statements of publicly owned companies.
Who defines the role and responsibilities of the audit committees?
Boards of directors define the role and responsibilities of their audit committees.
What are some tasks performed by audit committees?
audit committees, through their planning, reviewing, and monitoring activities, can recognize potential problem areas and take corrective action before problems that affect companies' financial statements and other financial disclosures arise.
How often do audit committees meet?
Meetings : Audit committees meet one to four times each year, with three or four meetings being the most common.
Is audit necessary for all companies?
Audit is not necessary for all companies, in some countries the small companies are exempt from audit.
What piece of legislation passed in the early 21st century has affected audit committees?
U.S. Congress passed the Sarbanes-Oxley Act and the SEC adopted final rules amending the securities laws. Such actions have had an impact on audit committees.
Which companies are exempt from audit in Pakistan?
No institution exempted from audit
What resources does the American Institute of Certified Public Accountants' Audit Committee Effectiveness Center provide?
The components of the center are the Audit Committee Toolkits (corporate, not-for-profit, and government), Audit Committee Matching System, Audit Committee e-Alerts, and a bank of materials containing information for and about audit committees.
What is the key function of audit committees?
They ensure that boards of directors fulfill their financial and fiduciary responsibilities to shareholders.
Is audit required?
A Partnership firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. Therefore, audit of financial statements is not required. However, tax audit may be required for a Partnership firm if the turnover exceeds prescribed limits.
What has the author Ian F Y Marrian written?
Ian F. Y. Marrian has written: 'Audit committees'
