Reporting by Audit Oversight Bodies

Reporting by Audit Oversight Bodies

A wave of accounting scandals beginning about fifteen years ago, including Enron, WorldCom, and Parmalat, created a consensus among policymakers across the globe that independent auditors were not adequately challenging the financial reporting by t...

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Bibliographic Details
Main Author: World Bank Group
Format: Report
Language:English
Published: World Bank, Vienna 2019
Subjects:
AUDIT QUALITY
AUDITING
QUALITY ASSURANCE SYSTEM
AUDITING STANDARDS
INSPECTIONS
FINANCIAL OVERSIGHT
FINANCIAL SUPERVISION
Online Access:http://documents.worldbank.org/curated/en/376231555919675464/Reporting-by-Audit-Oversight-Bodies
http://hdl.handle.net/10986/31615
id okr-10986-31615
recordtype oai_dc
spelling okr-10986-316152021-09-17T04:07:23Z Reporting by Audit Oversight Bodies World Bank Group AUDIT QUALITY AUDITING QUALITY ASSURANCE SYSTEM AUDITING STANDARDS INSPECTIONS FINANCIAL OVERSIGHT FINANCIAL SUPERVISION A wave of accounting scandals beginning about fifteen years ago, including Enron, WorldCom, and Parmalat, created a consensus among policymakers across the globe that independent auditors were not adequately challenging the financial reporting by their clients and could not be trusted to regulate themselves. Beginning with the Sarbanes-Oxley Act of 2002 in the U.S., there has been a global movement away from self-regulation of the auditing profession and towards independent oversight. Perhaps the most important milestone in this movement was the 2006 Audit Directive of the European Union, which required all EU members and accession candidates to implement independent oversight. A key goal of independent oversight is to provide relevant and reliable information to investors, lenders, audit committees, regulators, other stakeholders, and the general public about auditors and the audit market, among other matters. This paper aims to provide a brief synopsis on the topic of reporting by audit oversight bodies (AOBs) through their annual and inspection reports. It outlines international principles and legislative requirements, highlights certain good practices and shares results from a focused survey across EU-REPARIS and STAREP countries. 2019-05-03T20:02:53Z 2019-05-03T20:02:53Z 2018 Report http://documents.worldbank.org/curated/en/376231555919675464/Reporting-by-Audit-Oversight-Bodies http://hdl.handle.net/10986/31615 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Vienna Economic & Sector Work Economic & Sector Work :: Accounting and Auditing Assessment Europe and Central Asia Eastern Europe Europe European Union
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic AUDIT QUALITY
AUDITING
QUALITY ASSURANCE SYSTEM
AUDITING STANDARDS
INSPECTIONS
FINANCIAL OVERSIGHT
FINANCIAL SUPERVISION
spellingShingle AUDIT QUALITY
AUDITING
QUALITY ASSURANCE SYSTEM
AUDITING STANDARDS
INSPECTIONS
FINANCIAL OVERSIGHT
FINANCIAL SUPERVISION
World Bank Group
Reporting by Audit Oversight Bodies
geographic_facet Europe and Central Asia
Eastern Europe
Europe
European Union
description A wave of accounting scandals beginning about fifteen years ago, including Enron, WorldCom, and Parmalat, created a consensus among policymakers across the globe that independent auditors were not adequately challenging the financial reporting by their clients and could not be trusted to regulate themselves. Beginning with the Sarbanes-Oxley Act of 2002 in the U.S., there has been a global movement away from self-regulation of the auditing profession and towards independent oversight. Perhaps the most important milestone in this movement was the 2006 Audit Directive of the European Union, which required all EU members and accession candidates to implement independent oversight. A key goal of independent oversight is to provide relevant and reliable information to investors, lenders, audit committees, regulators, other stakeholders, and the general public about auditors and the audit market, among other matters. This paper aims to provide a brief synopsis on the topic of reporting by audit oversight bodies (AOBs) through their annual and inspection reports. It outlines international principles and legislative requirements, highlights certain good practices and shares results from a focused survey across EU-REPARIS and STAREP countries.
format Report
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Reporting by Audit Oversight Bodies
title_short Reporting by Audit Oversight Bodies
title_full Reporting by Audit Oversight Bodies
title_fullStr Reporting by Audit Oversight Bodies
title_full_unstemmed Reporting by Audit Oversight Bodies
title_sort reporting by audit oversight bodies
publisher World Bank, Vienna
publishDate 2019
url http://documents.worldbank.org/curated/en/376231555919675464/Reporting-by-Audit-Oversight-Bodies
http://hdl.handle.net/10986/31615
_version_ 1764474739205603328

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