BU547 Lecture Notes - Lecture 12: Mci Inc., Public Company Accounting Oversight Board, Financial Statement
Document Summary
In july of 2002, the sarbanes-oxley act (sox) was legislated in the unites states, as a result of bankruptcies and alleged audit failures involving enron and worldcom. United states, one impact of sox was the establishment of the public company. Accounting oversight board (pcaob), appointed and overseen by the securities and. The pcaob is responsible for establishing auditing and quality control standards for public company audits and for inspecting the quality controls at audit firms responsible for performing public company audits. These events have caused the accounting profession in canada to take a long look at, and to reassess, the processes and standards used in audits. 2005, the cica adopted quality control standards for audits. As a result, massive revisions of the cica handbook in 2005 reflect a more risk-assessment approach to auditing. Another outcome was the formation of the canadian public accountability. The cica handbook - assurance,section csqc 1 lists the canadian.
