Rights and duties of auditors
You'll learn the key rights that auditors have to perform their role effectively, including access to company records, the right to obtain information and explanations from staff and management, and the right to attend and speak at general meetings.
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In this lesson
- 0:00 Auditor rights and access to information
- 0:54 Auditor duties and financial statement reporting
- 2:32 International auditing standards and regulation
- 4:05 How ISA standards are developed and approved
- 7:00 Local legislation and ISA implementation
About this lesson
The video also covers the fundamental duties auditors must fulfil when reporting on financial statements—determining compliance with relevant legislation like IFRS and the UK Companies Act, assessing whether accounts show a true and fair view, and verifying consistency across financial records and director disclosures. You'll explore the regulatory framework governing audits, including the role of the International Federation of Accountants and the International Auditing and Assurance Standards Board in developing ISAs (International Standards on Auditing), and understand how these standards are created through research, consultation, and review phases before approval. The session clarifies how ISAs form the foundation for audit practice globally, whilst recognising that local legislation takes precedence in each jurisdiction—essential knowledge for the Audit and Assurance paper.
Duration: 8m
Transcript
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