Statement of Auditing Standards 120: Consideration of Law and Regulations

Article Abstract:

Statement of Auditing Standards (SAS) 120 is intended to set standards and give guidance on the responsibilities of auditors who are confronted with evidence that breaches of law and regulations have taken place. SAS 120 is applicable to all cases where non-compliance with law or regulations affect the quality of financial statements. The full text of SAS 120, which was released in Jan. 1995, is provided. Among others, the text includes sections that cover the responsibilities of auditors with respect to money laundering laws, tax regulations, third-party reporting and overseas activities. It also contains am appendix that lists indications that non-compliance with law or regulations may have taken place.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services

---

Auditing guideline: group financial statements - reliance on the work of other auditors

Article Abstract:

Guidelines for reporting group financial statements are presented. The guidelines concern reports compiled from the work of subsidiaries or from associated companies that have been compiled by other auditors. The roles and functions of primary and secondary auditors and companies are identified. Topics covered include the relationship between primary and secondary auditors, procedures for planning and managing a group financial audit, methods of obtaining sufficient information, and entering events after the balance sheet date.

---

Value for money audits

Article Abstract:

The Auditing Practices Committee of CCAB Ltd has issued an exposure draft on value for money audits, the purpose of which is to solicit auditors' comments. A value for money audit is an appraisal of how well management uses the resources at its disposal. Value for money audits are independently conducted. Three inter-related concepts for determining value for money are efficiency, economy, and effectiveness. Procedures for planning and conducting a value for money audit are described.

Similar abstracts:

• Abstracts: Strategic renewal and the interaction of cumulative stress and inertia. Using simulated mergers to evaluate corporate diversification strategies
• Abstracts: International Accounting Standard IAS 19 (Revised): Employee Benefits. International Accounting Standard 26: accounting and reporting by retirement benefit plans
• Abstracts: Accounting knowledge and professional privilege: a replication and extension. Accounting as a legitimating institution
• Abstracts: New regs take risk out of repos. Unrated CP offers high yields, modest short-term risk
• Abstracts: Institutional investors: here today, gone tomorrow? Foreign exchange transactions: maintaining internal control

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.