The Scope and Regulation of Audit and Assurance

In the context of companies audit and assurance services are provided to users of specified subject matter, upon which those users will make economic decisions. Those decisions not only affect the health and wealth of the company and the shareholders but the whole economy in which those companies are based.

The infamous liquidations of the likes of Enron and Lehman Brothers and the high profile frauds in companies such as Worldcom, Tyco International, Tragus Group and Enron have had profound and long lasting impacts on world economies, the US economy in particular.

It is therefore important that audit and assurance is carried out appropriately and competently so that the users of those services feel sufficiently confident to make their decisions. Since the frauds mentioned above the assurance profession has, sadly but rightly, suffered from a loss of trust. In response global regulators have adopted new forms of regulation and governance and introduced new standards of performance in an attempt to win that trust back.

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Tags:	Assurance;Audit