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Statutory Audit

Statutory Audit. Robert Hodgkinson, ICAEW Director, Technical BIICL, 19 November 2004. Auditor’s duties, liabilities and impact on board structure. Agency problems. Principals. Activities. Agents. The assurance solution of the IAASB framework. Intended users. Subject matter.

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Statutory Audit

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  1. Statutory Audit Robert Hodgkinson, ICAEW Director, Technical BIICL, 19 November 2004

  2. Auditor’s duties, liabilities and impact on board structure

  3. Agency problems

  4. Principals Activities Agents

  5. The assurance solution of the IAASB framework

  6. Intended users Subject matter Responsible party Assurance practitioners

  7. Statutory audit of EU companies

  8. Intended users Audited information Boards Auditors

  9. Pressures for change

  10. 2001 Company Law Review 2002 Sarbanes-Oxley Act 2003 Revised Combined Code 2004 Companies (A,I&CE) Act OFR Regulation? 2005 8th Directive? Companies Bill?

  11. Impact on board structures Audit committees Independent directors Financial experts Governance disclosures Relationship with auditors

  12. Auditor’s duties Independence requirements Training and qualifications Auditing standards Quality control and independent oversight Transparency of firms

  13. Wider stakeholders Investors The shareholders The company Liabilities

  14. Liabilities Boards Auditors Audited information

  15. The risk of lost information

  16. Liabilities Boards Auditors Audited information

  17. The alternative

  18. Engaged shareholders Useful assured information Responsible boards Respected auditors

  19. Auditor’s duties, liabilities and impact on board structure Questions and comments

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