From the course: Preparing for an Audit
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Keeping track of laws and regulations
From the course: Preparing for an Audit
Keeping track of laws and regulations
- Standards, regulations and rules are critical for independent audits and they come from several different places. First there's the American Institute of CPAs, the AICPA, which issues audit and attest standards. The standards set by the AICPA, as well as other governing bodies, often follow something called GAAS, the Generally Accepted Auditing Standards. In addition to AICPA audit and attest standards, GAAS standards, there are also SEC regulations. These are critical for publicly traded companies. SEC regulations about audits are also really important for private companies that are considering going public and becoming publicly traded. And of course, companies are subject to other laws based on where they're located. Although it isn't the auditor's job to seek out any violations of law, it can be a reason why some auditors will issue a disclaimer of opinion and step away from an independent audit. Making sure an…
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