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Strategic Outcome: Users of audit reports can place a high degree of reliance on the audit opinion, including whether financial statements show a true and fair view.
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Supporting Outcomes:
(which contribute to the Strategic Outcome)
The legislative and regulatory framework provides clarity on the role and purpose of audit and the standards which auditors should meet.
Audits are undertaken by an experienced, motivated and sceptical team within an effective firm-wide environment in audit firms and an efficient market for audit services.
Auditing requirements are appropriately monitored and enforced.
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Auditing Practices Board
The APB issues standards and guidance for auditing, for the work of reporting accountants in connection with investment circulars
and for the auditors'' integrity, objectivity and independence. It is active in influencing the setting of international
auditing standards by the International Auditing and Assurances Standards Board.
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Professional Oversight Board
The POB provides independent oversight of the regulation of accountants and actuaries by their respective professional
bodies. It provides statutory oversight of the regulation of the auditing profession by the recognised supervisory
and qualifying bodies, and, through the Audit Inspection Unit, monitors the quality of the auditing function in relation to the economically significant entities.
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