Keeping control with post completion audits
Article Abstract:
Post completion audits (PCAs) are audits carried out after the completion of a capital project to determine the project's actual costs or returns and compare those with the projected costs or returns that were estimated at the time of the implementation of the project. The purpose of PCAs is to determine the validity of the assumptions and control techniques to identify shortcomings in capital forecasting techniques. The PCA studies variables and determines the causes of variances, providing feedback for the purpose of enhancing future decision making. PCAs should be fully integrated into the strategic capital budgeting and control systems. Benefits of PCAs include more realistic forecasting of a project's costs and revenues, enhanced understanding of project failures, and improved decision making and performance.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1990
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Competitive forces keep fees flat as top 100 companies rein in costs
Article Abstract:
A survey of the companies composing the Financial Times Stock Exchange 100 . Index reveals that their audit fees had remained flat in FY 1993-94. These firms paid a total of 117.89 million pounds sterling to their auditors for the year, up slightly from 115.39 million in the previous year. The organizations that paid the highest audit fees include HSBC (9.1 million pounds), BAT Industries (six million pounds), British Petroleum (5.6 million pounds) and BTR (five million pounds). The accounting firms that won the most audits for the year were Coopers & Lybrand (28), KPMG (22), Price Waterhouse (21) and Ernst & Young (18). The lack of significant increases in audit fees is attributed mostly to fierce competition within the audit business.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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