public company audit requirements


What is the Guide to public company auditing?

    The Center for Audit Quality (CAQ) prepared this Guide to Public Company Auditing to provide an introduction to and overview of the key processes, participants and issues related to public company auditing. What is a Public Company? A public company is a company that has issued securities such as

What are the audit requirements for private companies?

    The audit requirements for private companies are different than those for public companies. Both public and private companies are subject to generally accepted accounting principles, although for different reasons. The SEC requires publicly traded companies to provide GAAP-compliant audited financial statements.

What are the requirements of the Public Audit Act?

    Section 188 of the Constitution requires AGSA to audit financial statements and the financial management of a government institution. The Public Audit Act in Section 20 gives effect to that mandate by requiring that on an annual basis AGSA has a compulsory mandate to perform audits.

What does a public company audit committee do?

    The audit committee oversees the auditors’ work and also monitors any disagreements between the auditors and company management regarding financial reporting. Public company audit teams are made up of accountants and other professionals under the leadership of senior certified public accountants who work at an accounting firm.
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