Professional standards and pronouncements

Reference no: EM13184323

Question

For each of the following safeguards, identify whether they are:

safeguards created by the profession, by legislation or by regulation
safeguards developed by the firm
safeguards which are engagement specific
safeguards within the client's systems

1. disclosure of fees

2. competence of employees

3. using different partners and teams with separate reporting lines for the provision of non-assurance services to an assurance client

4. professional standards and pronouncements

5. timely communication of policies and procedures to all partners and professional staff

6. internal procedures to ensure objective decisions on engagements

7. professional review by other professional accountants

8. involving another firm to perform or re-perform part of the engagement

9. corporate or other governance regulations

10. firm leadership which emphasises compliance and ethics

Reference no: EM13184323

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