'Leading lights' defect to rival regulator

Article Abstract:

Two prominent members of the London Society of Chartered Accountants (LSCA) have signalled their dissatisfaction with the Institute's audit regime by transferring their audit registration to rival regulator ACCA. The two members, Freddie Bush and Richard Durrant, are both well-known small practitioners who were once very active in the LSCA's activities. Their move, which comes in the wake of growing complaints by small practitioners that their professional needs are being ignored by the Institute, is being watched carefully by other LSCA members. According to Bush and Durrant, many members are likely to follow their example since the ACCA provides better services to ordinary practitioners and does away with the bureaucratic approach to regulation practiced by the Institute. Moreover, Bush and Durrrant stress, the ACCA has a more practical approach to audit assessment.

Institute of Chartered Accountants in England and Wales, Membership, Associations, Accountants

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Audit Agenda gets mixed welcome

Article Abstract:

The Audit Practices Board (APB) has released a comprehensive report on the scope of accountability in the audit profession. Entitled 'Audit Agenda,' the report stresses the need for objectivity and distinguishes between the auditing needs of large companies and those of smaller, unlisted businesses. Among others, the report recommends the use of non-executive audit committees to enhance corporate governance; greater communication between the auditor and the board; and strict compliance with the Cadbury Code. The report also recommends the adoption of fraud prevention measures such as forensic audits and better training in audit detection. The APB's proposals are generally milder than those put forward in an earlier APB publication, 'The Future Development of Auditing.' As such, these proposals are considered more likely to be supported by audit professionals.

Reports, Auditing, Auditors

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The art of communication

Article Abstract:

The European Commission proposed that financial reporting by EU companies be done according to International Accounting Standards by 2005. There have been criticisms but the author points out that communicating with users is more important than disputes on technical issues.

European Union, Standards, European Union. European Commission, Powers and duties, Financial management, Financial statements

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