what is the function of auditing and assurance standards council & professional regulatory board of acct?

Question

state ur source please :D

Answer 1

Every country has its own standard setters and regulatory bodies. I'm not sure where you're from, but I'd imagine that the functions of any auditing and assurance standards council would not be far from those of the IAASB or the AASB, both reproduced below (from the sites listed below):

The International Auditing and Assurance Standards Board (IAASB) serves the public interest by:

* setting, independently and under its own authority, high quality standards dealing with auditing, review, other assurance, quality control and related services, and
* facilitating the convergence of national and international standards.
This contributes to enhanced quality and uniformity of practice in these areas throughout the world, and strengthened public confidence in financial reporting.

The (Canadian) AASB’s long-term goals are to:

* set high-quality assurance standards that enable the profession to serve the public interest;
* support and participate in the development of high-quality global assurance standards; and
* maintain a strong Canadian assurance standard-setting capability to ensure public confidence in the assurance process.

A regulatory body's functions would not be far from those of the PCAOB or the POB:

The Public Company Accounting Oversight Board (or PCAOB) is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to 'protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports'.

The Public Oversight Board (POB) is the cornerstone of the self-regulatory system that oversees the accounting profession in the United States. The POB exists to help assure regulators, investors and the public at large that audited financial statements of public corporations can be relied upon to provide an accurate picture of the financial health of those companies.

The POB was created in 1977 as an independent private sector body charged with overseeing and reporting on the programs of the SEC Practice Section (SECPS), also created in 1977 by the American Institute of Certified Public Accountants.

Answer 2

The Financial Times wrote April 2: Exactly how the FSB will impose global “consistency” – let alone monitor it – remains to be seen. The body has no formal powers to impose anything, much less regulate it. Australia’s The Age shares a common sentiment: The forum aims to “promote international financial stability”. ‘Frameworks”, “principles” and meetings, as opposed to hard-edged rules, are its stock-in-trade. “It has no enforcement power. It has an encouragement role,” says Ian Ramsay, corporate law expert at Melbourne University. Its new tasks include advising on and monitoring regulation among its members, and collaborating with the International Monetary Fund on “early-warning exercises” aimed at stopping the next financial crisis. But will the new FSB have teeth? “The language they use is moderate, advise, strategic reviews and collaboration.” Finally, the Christian Science Monitor editorial board weighs in with a bit of sanity: "The G-20 did agree to coordinate each country’s new regulations through a new Financial Stability Board. But anyone who’s ever held a job of “coordinator” knows there is no authority in it."