In this chapter, students will be able to understand: Professional status of the auditor, regulation of auditing, registered company auditor, professional accounting organisations, profile of the audit profession and audit firms. | Chapter 2 The Structure of the Profession 2- Copyright 2005 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Learning Objective 1: Professional Status of the Auditor Professional occupations can be distinguished by five common attributes. These are: systematic theory professional authority and expertise community sanction regulative codes well-established culture 2- Copyright 2005 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Auditing as a profession Auditing can be classified as a profession because of its: reliance on an underlying theory of accounting and auditing; expertise; ability to control admissions to the profession; regulatory mechanisms employed; and conservative behavioural subculture. 2- Copyright 2005 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Regulation of Auditing: The Financial Reporting Council Financial Reporting Council (FRC) – a statutory body established in 1999 with the responsibility of providing a broad oversight of the accounting standard-setting process. This role was recently expanded to include a broad oversight of auditing standard-setting and the monitoring of auditor independence. Learning Objective 2: 2- Copyright 2005 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Regulation of Auditing: The Auditing and Assurance Standards Board The Auditing and Assurance Standards Board (AUASB) was reconstituted as an independent statutory body on 1 July 2004 and is responsible for the development of auditing and assurance services standards. The Board originally . | Chapter 2 The Structure of the Profession 2- Copyright 2005 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Learning Objective 1: Professional Status of the Auditor Professional occupations can be distinguished by five common attributes. These are: systematic theory professional authority and expertise community sanction regulative codes well-established culture 2- Copyright 2005 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Auditing as a profession Auditing can be classified as a profession because of its: reliance on an underlying theory of accounting and auditing; expertise; ability to control admissions to the profession; regulatory mechanisms employed; and conservative behavioural subculture. 2- Copyright 2005 McGraw-Hill Australia Pty .
