IMG-1005

Acc ch. 1 3 International Accounting Standards Board ( 1ASB ) 2001 issued the International Financial Reporting Standards ( IERS ) LASB and FASB have been working to converge IERS and GAAP however it does not look likely in the foreseeable future auditor- offer credibility , job is to express a professional, independent opinion on the accuracy of statements and their compliance with GAAP ( must be CPAS ) Sarbanes . Oxley Act ( sox ) 2002 . created the Public Company Accounting Oversight Board (PCAOB ) " increased accountability for corporate executives - prohibited some non-audit services that would impede auditors inclependence - requires rotation of lead partner on audit every 5 years - addressed conflicts of interests - require retention of work papers - auditors must express whether effective control has been maintained over financial reporting - introduced further internal controls conceptual framework . meant to give financial information that is useful to decision makers . "Accounting constitution " . underlying concepts that guide the selection of events to be accounted for, the measurement of those events , and the means of summarizing and communicating them . FASB releases this through the statement of Financial Accounting Concepts ( SEACS )