Auditing guideline 416: applicability to the public sector of auditing standards and guidelines

Article Abstract:

Auditing Guideline 416 applies to public entities such as local authorities, government departments, non-departmental public bodies, health authorities, nationalized industries, water authorities and similar organizations. Described here are auditors' operational standards, issued Apr 1980; audit report-qualification (Apr 1980); planning, controlling and recording guidelines (Apr 1980); accounting systems, (Apr 1980); audit evidence (Apr 1980); internal controls (Apr 1980); review of financial statements (Apr 1980); bank reports for audit purposes (Jun 1982); events after the balance sheet date (Nov 1982); amounts derived from the preceding financial statements (Nov 1982); representations by management (Jul 1983); engagement letters (May 1984); auditing in a computer environment (Jun 1984); reliance on internal audit (Nov 1984); and quality control (Jan 1985). An appendix-glossary is provided.

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ED 38: bold in scope and cautious in choice

Article Abstract:

Not many charities responded to the Institute of Chartered Accountants in England and Wales' Accounting Standards Committee's Discussion Paper which preceded the issuance of ED 38. The latter is a statement of recommended accounting practice that applies to all British charities. Its purpose is to improve the quality of reporting and accounting practices by charities and it favors capitalization of all significant fixed assets, as well as depreciation over their useful lives. It also proposes that a charity may be connected to other charities, leaving the door open to charitable organizations' reporting operating results on a consolidated or a combined basis.

Charitable societies

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Charities: the need for a new audit guideline

Article Abstract:

ED 38, the proposed statement of recommended practice (SORP) related to accounting for charities and charitable organizations, issued by the Accounting Standards Committee of the Institute of Chartered Accountants of England and Wales, details how charities should account for the funds with which they are entrusted and the activities they pursue. Auditing standards related to setting the scope of a charitable audit are discussed, as are the accounting concepts of stewardship and the issuance of qualified opinions. The SORP is compared to the British Auditing Guideline No. 301, dealing with much the same material.

Charitable trusts

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