Sarbanes-Oxley Act 2002: Federal law that established new or enhanced standards for all U.S. public company boards, management, and public accounting firms. Key considerations include auditor independence, corporate governance, and enhanced financial disclosure requirements.
Securities Exchange Act 1934: Federal law governing secondary trading of securities, requiring periodic reporting and establishing SEC oversight. Relevant for public company audit engagements.
Securities Act 1933: Federal law regulating the offering of securities to the public, requiring full disclosure of material information. Important for IPO audits and securities offerings.
AICPA Professional Standards: Comprehensive guidelines established by the American Institute of CPAs covering auditing, attestation, quality control, ethics, and independence requirements.
PCAOB Auditing Standards: Standards set by the Public Company Accounting Oversight Board that govern the audits of public companies and broker-dealers.
GAAS: Generally Accepted Auditing Standards providing framework for conducting audits of financial statements, including general standards, fieldwork standards, and reporting standards.
GAAP: Generally Accepted Accounting Principles representing the standard framework of guidelines for financial accounting and reporting.
State Accountancy Laws: Varying state-specific regulations governing the practice of public accountancy, including licensing requirements and professional conduct standards.
SEC Requirements: Securities and Exchange Commission rules and regulations affecting public company audits, including reporting requirements and independence rules.
Professional Liability Insurance: Requirements and considerations for maintaining appropriate professional liability coverage for audit engagements.
Gramm-Leach-Bliley Act: Federal law requiring financial institutions to explain their information-sharing practices and protect sensitive data, affecting audit procedures and client confidentiality.
Record Retention Requirements: Legal and professional standards for maintaining audit documentation and working papers, including retention periods and security measures.
Private Securities Litigation Reform Act: Federal law affecting securities litigation, including provisions related to auditor liability and reporting requirements for fraudulent activities.
State Privacy Laws: Various state-specific regulations governing data privacy and protection that must be considered in audit engagement terms and procedures.
Industry-Specific Regulations: Specialized requirements for particular industries (e.g., healthcare, banking, insurance) that affect audit procedures and reporting requirements.
