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2-1 Chapter Two The Financial Statement inspecting Environment © The McGraw-Hill Companies, 2010 A  term of Challenge and  spay   1990 2000 During the economic bunce of the late mid-nineties and the early 2000s, accounting firms aggressively sought opportunities to market a variety of high-margin non- study services to their audit clients.

© The McGraw-Hill Companies, 2010 2-2 A  clock time of Challenge and Change  © The McGraw-Hill Companies, 2010 A Series of Scandals Enron WorldCom Parmalat Lernout & Hauspie Ahold Arthur Andersen © The McGraw-Hill C ompanies, 2010 2-3 Regulation Self-regulation by the profession versus government regulation Stricter regulation and more than prevalent oversight International Standards on analyzeing more comprehensive © The McGraw-Hill Companies, 2010 attendants  legal Liability Threat of sub judice liability: Main bridle to auditors misconduct Legal doctrines: phrase and some(prenominal) liability Proportional liability Liability caps Litigation moving-picture show and audit markets: Concentration Barriers to entry Liability reforms © The McGraw-Hill Companies, 2010 2-4 International  union of Accountants  (IFAC) © The McGraw-Hill Companies, 2010 International Auditing and Assurance  Standards  card (IAASB): Standards © The McGraw-Hill Companies, 2010 2-5 Auditing Standards  Auditing standards serve as guidelines for and measures of the attribute of the auditors performance. IAASB issues International St andards on Auditing (ISAs). IFAC members ! ISAs are considered to be minimum standards of performance for auditors. © The McGraw-Hill Companies, 2010 world-wide Principles and Responsibilities ISA 200 Overall Objectives of the Independent Auditor and  the Conduct of an Audit in Accordance with International  Standards on Auditing ISA 210 Agreeing the Terms of Audit Engagements ISA 220...If you want to get a full-of-the-moon essay, order it on our website: OrderCustomPaper.com

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