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AUDITING AND ASSURANCE - Essay Example
Author : maxiemarvin
Finance & Accounting
Pages 6 (1506 words)
[AUDITING AND ASSURANCE] (Name) (Instructor/Tutor) (Course/Subject) (Institution/ University) (City, State) (Date) The auditing profession is largely self-regulating within the UK, and sits within a regulatory framework, encompassing Legislation, Common Law, and Regulatory and Professional elements…
Legislation and the Auditing Profession in the UK According to the True and Fair Organisation (2012), the audit profession in the UK is monitored closely, and regulated tightly in accordance with strict professional standards and legislation. Also, companies and individuals who breach any of the rules, outlined by Legislation, will face strict penalties. The audit profession is under the Legislation provisions of the UK Government. The government controls the audit profession through Legislation such as the Companies Act on Audit, Inspection and Community Enterprise of 2004 and 2006 (True and Fair Organisation, 2012). There are also the Auditors Regulations of 2007, which control the activities of the Audit profession in the UK. This Legislation controls and monitors how audits are carried out in the UK. Legislation regulates the auditing profession in the UK, under the Companies Act 2006 (Collings, 2013, p. 237). Therefore, it is a requirement that professional accountants should attain a senior statutory auditor position for them to be able to practice audit-related work in the UK. Further, UK Legislation requires that companies must have their annual financial statements audited. ...