What are the regulatory requirements for audits?

What are the regulatory requirements for audits?

Regulatory requirements for audits vary by jurisdiction but generally include compliance with standards like GAAP or IFRS.

Can you explain what GAAP and IFRS are?

GAAP stands for Generally Accepted Accounting Principles, while IFRS is the International Financial Reporting Standards.

Who is responsible for ensuring compliance with these regulations?

Typically, the management of the organization is responsible, but auditors also play a key role in assessing compliance.

What are the consequences of non-compliance?

Non-compliance can lead to legal penalties, financial losses, and damage to the organization's reputation.