Question

Personal Taxation-
Identify at least four professional or regulatory organizations that affect the auditing profession. Explain how and why they assist and/or monitor the auditing profession.

Answer 1

4 professional organisation which affect auditing profession are :

• Australian Auditing & assurance Standards Board (AuASB)
• International Organisation of Supreme Audit Institutions (INTOSAI)
• Financial Reporting Council
• Audit & Assurance Council

They assist /monitor the auditing profession in order to

- recognise professional bodies to recognise supervisory bodies

-to assess whether the auditing companies provide serices in accordance with applicable law

-To assess periodically that the qualifications offered by RQBs are continuosly met by the authoriy.