'High-quality' is the essence of an audit
Article Abstract:
Regulatory pressures and increased litigation in both the US and Great Britain have led to increased concern about audit report quality control. The term, 'high-quality audit' now encompasses a wide range of technical competence and administrative efficiency, including recruitment procedures, training, and procedures manuals. The leading cause of claims against auditors is failure to detect fraud. An analysis of such claims shows that the lawsuits could have been avoided by following through on suspicious items, and through increased use of qualifications and disclaimers.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1987
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That elusive conceptual framework
Article Abstract:
There is a need to establish a conceptual accounting framework in the UK which could reference external economic events and circumstances. The framework also should be fluid to portray market distortions and to reveal that accounting is no longer a passive player in the economic sphere. The need for a framework is underscored by the greater risk posed by the growth of service industries and the expansion of the capital markets.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1990
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The shell charade: What are the lessons?
Article Abstract:
The Shell Group in the accounts of 2004 of its oil and gas reserves made an overstatement to the tune of 4.4bn barrels, over 20% of the total. Regulators in the Shell case have conspired from its victims and to cloak with a veneer of legitimacy that protects and rewards the culprit.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2004
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