Knowingly or recklessly
Article Abstract:
The UK government, with a view to reform the company law, has proposed a new criminal offence of 'knowingly or recklessly' giving an incorrect audit opinion. 'Knowingly' giving an incorrect audit opinion would cover a situation in which an auditor provides an incorrect audit opinion knowing that his opinion is incorrect and 'recklessly' giving an opinion would cover circumstances in which an auditor knows that there is an obvious and serious risk of his opinion being incorrect but goes on to take the risk of providing the opinion.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2005
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New SORP for LLPs
Article Abstract:
New radical changes are introduced for Limited Liability Partnerships (LLPs) with proposals for an amended Statement of Recommended Practice (SORP). The amounts contributed by members to the LLP will be shown as debt rather than equity, unless the LLP has the right to withhold repaying and members' remuneration will be charged as an expense in the profit and loss account under the new proposals.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2005
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Third party balancing act
Article Abstract:
The Audit Quality Forum paper on third party information and advice is discussed. The difficulty of balancing the right to legal professional privilege with the competing right to reliable financial statements is emphasized.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2007
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