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Strategic Outcome: Users of audit reports can place a high degree of reliance on the audit opinion, including whether financial statements show a true and fair view, and users of audit related services can place an appropriate degree of reliance on the reports provided.
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Supporting Outcomes:
(which contribute to the Strategic Outcome)
Legislative provisions relating to auditing and related services are effective and proportionate and appropriately implemented.
The regulatory framework provides clarity on the role and purpose of audit, and related services and the high standards which practitioners should meet.
Audits and related services are reliable and useful, and are provided by auditors and audit firms and reporting accountants within an effective firm-wide environment and an efficient market for those services.
Compliance with auditing and related services requirements is appropriately monitored and enforced.
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Auditing Practices Board
The APB issues standards and guidance for auditing, for the work of reporting accountants in connection with investment circulars
and for the auditors'' integrity, objectivity and independence. It is active in influencing the setting of international
auditing standards by the International Auditing and Assurances Standards Board.
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Professional Oversight Board
The POB provides independent oversight of the regulation of accountants and actuaries by their respective professional
bodies. It provides statutory oversight of the regulation of the auditing profession by the recognised supervisory
and qualifying bodies, and, through the Audit Inspection Unit, monitors the quality of the auditing function in relation to the economically significant entities.
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