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2-1 Chapter Two The Financial Statement inspecting Environment © The McGraw-Hill Companies, 2010 A Time of  dispute and  spay   1990 2000 During the economic godsend of the late 1990s and the early 2000s, accounting firms acutely sought opportunities to market a variety of high-margin non- study run to their audit clients.

© The McGraw-Hill Companies, 2010 2-2 A Time of  repugn and Change  © The McGraw-Hill Companies, 2010 A  series of Scandals Enron WorldCom Parmalat Lernout & Hauspie Ahold Arthur Andersen © The McGraw-Hill Companies, 2010 2-3 Regulation Self- order by the profession versus government regulation Stricter regulation and more than public oversight transnational Standards on analyzeing more comprehensive © The McGraw-Hill Companies, 2010 size upors  effective Liability curse of sub judice liability: of import deterrent to auditors misconduct Legal doctrines: phrase and several liability comparative liability Liability caps Litigation ikon and audit markets: Concentration Barriers to entry Liability reforms © The McGraw-Hill Companies, 2010 2-4 multinational Federation of Accountants  (IFAC) © The McGraw-Hill Companies, 2010 International  inspecting and  office  Standards  card (IAASB): Standards © The McGraw-Hill Companies, 2010 2-5 Auditing Standards  Auditing standards serve as guidelines for and measures of the flavor of the auditors performance. IAASB issues International Standards on Auditing (ISAs). IFAC members ISAs are considered to be minimum standards of performance for auditors. © The McGraw-Hill Companies, 2010 world-wide Principles and Responsibilities ISA 200 Overall Objectives of the  self-employed person Auditor and  the Conduct of an Audit in Accordance with International  Standards on Auditing ISA 210 Agreeing the Terms of Audit Engagements ISA 220...If you want to get a full essay, order it on our website: Orderessay

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