CHAPTER 12

Final Considerations About Auditing

In this chapter, we discuss why corporate governance and differences in the international regulation of auditing practice are of importance. This chapter discusses so-called “meta-issues”, issues above and beyond the specific auditing standards used. Specifically, we discuss:

•corporate governance and its implications for auditors;

•auditor regulation in different venues;

•financial reporting standards (International Financial Reporting Standards [IFRS], Generally Accepted Accounting Principles [GAAP]) and their implications for understanding audited financial statements; and

•implications for researchers, practitioners, and students.

Investopedia defines corporate governance as:

The system of rules, ...

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