A very natural practice

Article Abstract:

The accountancy firm Deacon Gray was set up by longtime friends Sandra Deacon and Claire Gray on Aug 1, 1992. The two women had been friends during their days as employees at the London division of the Armitage and Norton (A&N). While Gray joined A&N directly from Bristol Polytechnic, Deacon first worked for the Collector of Taxes department of the Inland Revenue before eventually joining A&N in 1985. After bolting from A&N and rendering her services for the Coopers and Lybrand, Gray eventually set up her own practice in 1990 while she was still pregnant with her first baby. Meanwhile, Deacon remained with A&N after its merger with Saffery Champness. Nonetheless, she too left the company and set up her own practice in 1990. The two remained close friends despite working separately, even consulting each other with business decisions. Ultimately, the two accountants joined forces and formed Deacon Gray.

Practice, Women accountants, Gray, Claire, Deacon, Sandra, Deacon Gray

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Audit programs: a question of design

Article Abstract:

Auditing manuals used by large accounting firms can be helpful in preparing for examinations, but their level of detail makes them hard to read and each firm tends to employ different terminology and a different structure. Suggestions are offered to make it easier to read these auditing tests. Credit balances are tested for completeness, while debit balances are examined for validity. Profit statement balances are examined through sample transactions, while balance sheet items are viewed at year's end. Many transactions can result in potential liabilities, and these should be examined for completeness. Special care should be given to high risk items.

Auditing, Handbooks, vade-mecums, etc., Handbooks

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A framework for a framework

Article Abstract:

The International Accounting Standards Committee's draft for a basic framework for accounting reports starts with defining key terms and objectives of the financial statement. The draft defines seven different user groups yet the accounting report is supposed to be written for all of them. Accounting needs to decide exactly who the financial report's major audience is and to design the report specifically to them. If there are secondary audiences, a separate report should be written that addresses their needs.

Standards, Laws, regulations and rules, Finance, Accounting, International Accounting Standards Board, Business reports, Financial statements, Disclosure statements (Accounting)

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