Audit committees - Are we any closer?

Article Abstract:

Audit committees are not required by law in Great Britain, despite debates in Parliament to discuss such legislation for seventeen years in succession. Proponents of the legislation believe that audit committees would improve financial reporting in the U.K. by making the auditors' work more objective and helping the corporate directors to discharge their responsibilities more effectively, while enhancing lines of communication among a company's management, directors and shareholders, as well as the public. Reasons why the debate has continually failed to result in legislation are identified; chief among them is the fact that there are not enough non-executive board members in Britain to comprise such committees. Of the top 1,000 British firms, 35 percent have less than three non-executive board members and 25 percent have boards composed entirely of executives.

United Kingdom, Management, Accounting and auditing, Corporations, Corporate officers, Audit committees, Great Britain, Corporations, British

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Our global goal

Article Abstract:

Because of the increasingly global nature of securities markets, it has been necessary to focus on the development of international accounting, auditing and reporting standards. The International Accounting Standards have been endorsed by the International Organization of Securities Commissions, and now the focus will fall on developing international auditing standards.

International aspects, Securities, International Organization of Securities Commissions

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Quality control for audit work

Article Abstract:

Proposed reforms to UK auditing standards are discussed, focusing on Auditing Standards 240 - Exposure Draft. Reasons for reestablishing quality control standards for auditing work are discussed, and techniques of supervising and reviewing corporations are examined.

Quality management, Auditing Practices Board

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