Audit oversight board (operations) regulations 2018

How is audit quality regulated?

The quality of audit is regulated at many levels through a number of rules, regulations, and the law, and for specialized sectors such as the financial institutions, an additional layer of regulation is imposed by the central bank

What are the responsibilities of the AOB?

Section 31E (1) (d) of the Securities Commission Act, 1993 (“SCA”) provides that one of the key responsibilities of the AOB is to conduct inspections and monitoring programs on auditors to assess the degree of compliance with auditing and ethical standards

Audit oversight board (operations) regulations 2018
Audit oversight board (operations) regulations 2018

Crown corporation and liquor sales monopoly in Ontario, Canada

The Liquor Control Board of Ontario (LCBO) is a Crown corporation that retails and distributes alcoholic beverages throughout the Canadian province of Ontario.It is accountable to the Legislative Assembly through the minister of finance.It was established in 1927 by the government of Premier George Howard Ferguson to sell liquor

Wine

And beer.Such sales were banned outright in 1916 as part of prohibition in Canada.The creation of the LCBO marked an easing of the province's temperance regime.By September 2017

The LCBO was operating 651 liquor stores.

Regional organization of supreme audit institutions

The Organization of Latin American and Caribbean Supreme Audit Institutions (OLACEFS) is an international

  1. Autonomous
  2. Independent

Apolitical and permanent organization.Its origins can be traced back to the First Congress of Latin American Supreme Audit Institutions - CLADEFS - held in 1963 in Caracas

Venezuela

In response to the need for a forum for exchanging ideas and experiences relating to government control

And for promoting cooperation and development between supreme audit institutions.At the Congress it was recommended that a Latin American Institute of Fiscal Control be created to carry out specialized research and serve as a center for information

Education

Coordination and mutual assistance between audit institutions.


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