Report

Reporting by Audit Oversight Bodies

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collection.link.10
https://openknowledge.worldbank.org/handle/10986/2111
collection.name.10
Accounting and Auditing Assessment
dc.contributor.author
World Bank Group
dc.date.accessioned
2019-05-03T20:02:53Z
dc.date.available
2019-05-03T20:02:53Z
dc.date.issued
2018
dc.description.abstract
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.
en
dc.identifier
http://documents.worldbank.org/curated/en/376231555919675464/Reporting-by-Audit-Oversight-Bodies
dc.identifier.uri
http://hdl.handle.net/10986/31615
dc.language
English
dc.publisher
World Bank, Vienna
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
AUDIT QUALITY
dc.subject
AUDITING
dc.subject
QUALITY ASSURANCE SYSTEM
dc.subject
AUDITING STANDARDS
dc.subject
INSPECTIONS
dc.subject
FINANCIAL OVERSIGHT
dc.subject
FINANCIAL SUPERVISION
dc.title
Reporting by Audit Oversight Bodies
en
dc.type
Report
en
okr.date.disclosure
2019-04-22
okr.doctype
Economic & Sector Work
okr.doctype
Economic & Sector Work :: Accounting and Auditing Assessment
okr.docurl
http://documents.worldbank.org/curated/en/376231555919675464/Reporting-by-Audit-Oversight-Bodies
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
090224b086bc0834_1_0
okr.identifier.internaldocumentum
30993544
okr.identifier.report
136250
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/376231555919675464/pdf/Reporting-by-Audit-Oversight-Bodies.pdf
en
okr.region.administrative
Europe and Central Asia
okr.region.geographical
Eastern Europe
okr.region.geographical
Europe
okr.region.geographical
European Union
okr.sector
Financial Sector
okr.theme
Financial and private sector development :: International financial standards and systems
okr.topic
Finance and Financial Sector Development :: Financial Regulation & Supervision
okr.topic
Governance :: Governance and the Financial Sector
okr.unit
WB Office: Vienna (GGOFR)

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