Various boards of directors, committees of management, and public sector entities are currently knee-deep in the year-end ritual involving the poking, prodding, quizzing by accounting types known as the financial statement audit.
These audits are led by auditing professionals who will typically be registered company auditors and are required to ensure they follow accounting standards, auditing standards, ethical standards and the Corporations Act, along with any other relevant laws a particular entity must follow.
Banks might be corporations, for example, but there is a significant body of prudential regulation with which they must comply.
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