Audit regulation: good news for whom?

Article Abstract:

The UK Financial Services Act of 1986 and the Companies Act of 1989 have implemented a new regime of requirements regulating the accounting profession. The requirements increase the involvement of the UK government in the regulation of accounting and auditing, a move necessitated by the harmonization of the accounting standards throughout the European Community. In addition, the government believes that it must protect consumers. The new regulations will be costly: The Institute of Chartered Accountants in England and Wales estimates that the administration of regulations and monitoring of accounting firms will cost four million pounds sterling annually.

Accounting, auditing, & bookkeeping, Great Britain

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Mixed response to audit threshold changes

Article Abstract:

The threat of a re-introduction to independent professional review bodies has concerned some sections of the accounting profession after the raising of audit thresholds by the UK government in May 2000.

Economic aspects, Tax policy

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Audit plaudits

Article Abstract:

Issues concerning the introduction of new legislation in the UK governing the auditing of company profits under 1 million pounds sterling are discussed.

Business, Accounting and auditing

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