Exposure Draft - Statement of Auditing Standards 601: Imposed Limitation of Audit Scope

Article Abstract:

The exposure draft of Statement of Auditing Standards (SAS) 601, 'Imposed Limitation of Audit Scope,' presents for public comment the Auditing Practices Board's (APB) proposals for new standards and guidelines for auditors in deciding whether to accept or to continue with an audit assignment wherein the audit scope is restricted by the corporate directors or by the people responsible for selecting the auditors. This Statement overrides the provisions contained in paragraph 72 of SAS 600, 'Auditors' Reports on Financial Statements.' Companies that adhere to SAS 601 also comply with the standards included in paragraph 41 of International Standard on Auditing 72, 'The Auditor's Report on Financial Statements.' The APB has yet to specify the Statement's effective date.

Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Accounting services, Accounting law

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Exposure Draft - proposed Statement of Auditing Standards: going concern, May 1992

Article Abstract:

'Going concern' was included in the Auditing Practices Board's (APB) proposed Statement of Auditing Standards (SAS) in recognition of the need for the public to be fully informed about corporate finances. The 'going concern' standard was proposed specifically for the early detection and prompt disclosure in financial documents of any doubt pertaining to the going concern presumption. The 'going concern' SAS will introduce several changes to the existing guidelines on the issue, including fuller disclosures, a more careful evaluation of the going concern basis, and the longer time frame that the auditors' assessment must cover. The key features of SAS Going Concern are presented for public comment.

Going concern (Accounting), Going concern

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Reports by auditors under company legislation in the United Kingdom

Article Abstract:

The Auditing Practices Committee's guideline for reports by auditors under company legislation in the UK is presented. The guideline was issued in Jun 1989 and revised in Feb 1991. The guideline delineates the standards for the auditors' reports required by the Companies Act 1985. The issues covered by the guideline include departures from accounting standards, dating of the audit report, and exemptions for small and medium-sized groups.

United Kingdom, Accounting, Great Britain

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