In the dark and in the breach
Article Abstract:
The Law Society regularly conducts investigations into reporting accountants' compliance with the Solicitors' Accounts Rules. To enforce these rules, the Law Society's Monitoring Unit makes some 1,650 inspection visits each year to check if accountants are complying with the Financial Services Act. In the event that reporting accountants are found guilty of major rule breaches, the Law Society immediately reports them to the Disciplinary Committee of the Institute of Chartered Accountants in England and Wales, which itself takes a dim view of accountants reported to it by the Law Society. Among the common rule breaches that are reported each year are errors in bank and building society accounts and mistakes in account reconciliations prepared by accountants.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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US litigation crisis: big Six join forces to fight 'epidemic.' (major US companies propose reforms to the tort liability system) (News)
Article Abstract:
The six biggest accounting firms in the US have banded together to criticize the country's tort liability system. In a joint statement, the 'Big Six' called for reforms to stop the 'epidemic of litigation.' The six companies reported that they lost 9% of their 1991 revenues to settling and defending lawsuits. They argued that the increasing risk of litigation has a significant impact on business and on the economy because they threaten the survival of accounting firms and they compel companies to adopt drastic risk reduction measures. Among the Big Six's proposals to reform liability laws are the adoption of the 'proportionate liability' concept, 'reasonable limitations' on punitive damages, and demotivators for worthless claims.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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