Protecting our qualification and leading edge
Article Abstract:
The Institute of Chartered Accountants in England and Wales needs to have adequate financial resources if it is to fulfill its mission of strengthening and enhancing the interests of the profession. The Institute, cognizant of the need to provide meaningful services to members, has therefore reoriented its objectives by developing an ambitious array of new programs designed to help members cope with the hostile business environment and the new problems that have arisen with the introduction of new statutes governing the profession in the UK and Europe. These new programs, however, cannot be launched if the Institute does not resolve its funding problems. Institute members are therefore urged to vote for the proposed increases in fees and subscriptions as they are aimed at ensuring that the Institute has the financial resources it needs to provide the services its members require.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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What the rules say now
Article Abstract:
Revisions of the Solicitors' Accounts Rules and the Accountants' Report Rules are expected to change the manner by which reporting accountants perform their responsibilities. One of the significant changes is the provision that widens the scope of the accountant report to include controlled trust accounts. The new rule will require accountants to make checks on the recording systems, on filing records of receipts and payments to accounts, and the casts of the accounts and records, to verify transactions, to evaluate the cost of recording and to compare the statistics on the trust accounts with those confirmed by banks and savings and loan associations. Another revision is the method of deciding when interest will be paid on the money of clients. Other revisions pertain to unpaid professional disbursements. These are also seen to affect how accountants perform their jobs.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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Bridging the gap - American style
Article Abstract:
UK accountants could learn from the experiences of their American counterparts when dealing with vital issues for which their profession has been largely criticized, such as the accountability for fraud detection, the independence of auditors and the evaluation of new accounting practices. Several developments in the US accountancy profession worth noting include the Congress-led review of US auditing standards, which has resulted in the restructuring of the audit report format. This move aimed to reconcile public expectations of auditors with what auditors can reasonably perform for their clients, enhance fraud detection, improve communication of the audit process, and address the issue of providing information indicative of possible failure of business. The US SEC has also issued additional regulations regarding the reponsibilities of auditors.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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