Bid to nab the legal villain: Scottish lawyers and their accountants face a tough new accounts regime
Article Abstract:
The Law Society of Scotland and the Institute of Chartered Accountants of Scotland worked together to formulate new regulations for legal advisers and the accountants certifying their records. The new rules are designed to prevent solicitors from defrauding their clients and to protect the reputation of the legal profession. Scheduled to be introduced on Sept 1, 1992, the new accounts rules will mandate solicitors to work with a cashroom partner who will act to ensure compliance with the law. Accountants, for their part, will be required to develop a work program that would make certain that client records are kept in order. The Law Society's monitoring staff will frequently check legal practices to detect any violation of the regulations.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
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Legal liabilities of accountants
Article Abstract:
In the UK today there is a one in five chance that a firm of accountants will be subject to a negligence suit. Several influential cases are discussed, four areas of potential liability for accountants are described, and a critique of Emile Woolf's book, 'Legal Liabilities of Practising Accountants,' is provided. The major strength of Woolf's book is its practical approach; it attempts to define the principal hazards facing accountants and to provide guidance which will minimize their risks.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1985
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Regulating auditors
Article Abstract:
The document published by the Department of Trade and Industry on implementing the EC Eight Directive points out the main issues in the Directive, outlines requirements for approval of auditors, and proposes alternative methods of regulation to meet the Directive's requirements. It is suggested that an additional designation, the Registered Auditor, be adopted.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1986
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