More than a drop in the bucket

Article Abstract:

The Auditing Standards Board is considering a project regarding transactions and conditions revealed during a financial statement audit that should be reported to the management. The project's aim is to create guidelines as well as affirm already existing guidance in the 'Handbook.' If implemented, the proposals could change the image of the financial statement audit as well provide the means for the process to meet public expectations. Some of the issues auditors are recommended to report to the audit committee are illegal acts and significant misstatements such as fraud.

Evaluation, Reports, Financial statements

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Global standard bearers

Article Abstract:

The increasing globalization of Canada's businesses creates the need for the country's accounting and auditing standards to be aligned with international standards. Harmonization efforts must consider a number of issues, including the reasons for the accounting differences from country to country and the various approaches that can be taken to standardize accounting practices throughout the world. An equally important consideration for the Canadian Institute of Chartered Accountants is maintaining a presence on international standard-setting committees.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Canada, International aspects, Accounting, Accounting services, Accounting law

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Collective wisdom

Article Abstract:

The Dec. 1994 edition of the 'Audit agenda' issued by the Auditing Practices Board in the UK proposes that the auditor's opinion should be signed by the responsible partner based on standards and guidelines it will issue concerning the qualities of a partner responsible for an audit. These proposals are meant to resolve problems pertaining to the objectivity and judgment of auditors, since they make the partner affixing his signature to the report accountable for the audit opinion.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Standards, Laws, regulations and rules, Auditors

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