ACC00130 - Internal Auditor Role - Auditing Standards - Ethical Obligations - Accounting Assessment Answer

Assessment Task:

ACC00130 - Internal Auditor Role - Auditing Standards - Ethical Obligations - Accounting Assessment Answer

Task
Chapter 1 of your text identifies a range of Australian regulators and regulations that impact on the work of financial statement auditors and the environment in which they operate and are held accountable.

Financial Reporting Council (FRC)
The FRC is a statutory body. Its activities are determined by the Australian Securities and Investments Commission (ASIC) Act 2001 amended by the CLERP Act. The FRC oversees the process used for setting accounting standards (by the Australian Accounting Standards Board (AASB)) and auditing standards (by the AUASB). The FRC also monitors and reports regularly on matters concerning auditor independence. To ensure standard-setter independence, the ASIC Act specifically prohibits the FRC from becoming involved in technical issues around the standard-setting process.

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