Learning audits

Article Abstract:

The knowledge-based theory of the firm has significant implications for the practice of auditing. This framework for evaluating business activity characterizes the firm as an organization or a system that creates, integrates, uses and protects knowledge. It is useful for investigating businesses and their control environments with regard to creating, protecting and applying knowledge. Companies can be classified into three in terms of how they manage information. The first is the formula application business, which applies knowledge strictly according to its formula or recipe of knowledge. The second is the serial learning business, in which a single set of principles governs business activity but is also applied to other situations. The third is the holistic learning business, which integrates several activities and must therefore understand the implications of one activity for another. The implications for auditors are discussed.

Accounting Methods, Models, Auditing, Practice, Business enterprises, Learning, Teaching models

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Keeping control of the spreadsheet

Article Abstract:

Good control procedures when using computer spreadsheets will help minimize errors and increase confidence in results. When setting up the text and formulas, it is important to use the option which allows the formulas to be shown in the relevant cells of the grid and to use the copy and duplicate facilities as much as possible. Procedures for assisting control over the input of data and for minimizing operating problems are detailed. Finally, it is important to design control cells that are capable of indicating operational or logical errors.

Maintenance and repair, Spreadsheets, Spreadsheet software

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The rise and rise of the information entity

Article Abstract:

The rise of the UK information industry will affect the accounting profession because all financial information in databases will need to be audited. Accountancy firms might also become brokers of financial information themselves. Some kind of legislation will probably be needed to monitor such services. Such innovations could split the UK accounting profession into two specialties: database auditing, and external financial reporting.

United Kingdom, Information technology, Great Britain

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