Influence in the Community
Article Abstract:
The Institute of Chartered Accountants in England and Wales takes an active part in the shaping of European Community legislation pertinent to the accountancy profession through its Business Law Committee. As part of the Institute's Technical Directorate, the Business Law Committee's EC activity is bounded by the kind of legislation that is being proposed or currently discussed in Brussels and the Institute's exertion of restraint in the use of lobbying as a means of introducing legislation based on an attitude that 'no legislation is better than bad legislation.' The Institute's EC activity focuses on legislation that directly affects accountants, indirectly affects accountants but exerts significant effects on accountants' areas of specialization, and legislation that affects accountants as members of the business community. The three routes of communication used by the Institute to influence legislation are discussed.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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An auditor's guide to bridging the gap
Article Abstract:
The UK accounting profession must address the expectation gap in auditing, that is, the gap between what is expected from an audit and what is delivered, in light of the Caparo Industries decision. There are three categories of criticism of audits that need to be addressed: the failure of a company without adequate warning, fraud, and error. A common practical factor causing the expectation gap is the lack of adequate management information, a situation that can be remedied by two steps: broadening the definition of accounting records and including a statement that budgets have been prepared for the following year and the company will continue operations.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1990
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