The Audit Agenda - next steps

Article Abstract:

The Auditing Practices Board's Dec. 1994 paper 'Audit Agenda' proposes several changes in the auditing practice that have resulted from the consultation that the Board has been conducting since its establishment in 1991. The proposed changes concern the future role of auditors and the scope of audit, objectivity, litigation, and other development and research issues. The APB has issued 'Audit Agenda' and an earlier paper on the future of auditing to contribute to efforts to transform auditing into a practice that meets the needs of clients and supports business activities in a way that is compatible with the Board's overall objectives. A total of 36 individuals and organizations have responded to the APB's invitation for comments. The US Public Oversight Board has even announced that it was considering the adoption of some of the Agenda's proposals, especially those concerning the role of auditors in corporate governance.

Management, Auditing Practices Committee

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Can auditing work without a break with tradition?

Article Abstract:

Auditors are traditionally accountable solely to the shareholder owners of a company. These accountability relationships, however, are seldom firmly established since most shareholders do not actively involve themselves in the auditing process. This is because they do not feel a long-term commitment to any organization since they see themselves mostly as portfolio managers whose main job is to buy and sell stocks. Consequently, most auditors work in a vaccuum. It is proposed that the traditional notion of accountability to shareholders alone be replaced with the concept of accountability to 'committed' stakeholders. These stakeholders would not only include the shareholders, but also long-term bankers, suppliers, employees, customers and all those who are committed to the organization. With such groups of committed stakeholders monitoring the auditing process, auditors can no longer afford to operate in a vaccuum.

Accounting and auditing, Business enterprises

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The APB sees visions of the future

Article Abstract:

The Auditing Practices Board (APB) may find it difficult to develop a program for the future development of the auditing profession given the conflicting responses to its paper, 'The Future Development of Auditing.' Called the 'Green Paper,' the document presented the public's perception of the profession and of the role and scope of the audit, and proposed radical measures to help auditors meet the public's needs. Comments to the proposals were varied. Most accounting firms agreed thatthe profession has to be more responsive to public demand for change. Others, including the Confederation of British Industry, objected to the proposals and called for the preservation of the status quo. Still others, such as Labour MP Austin Mitchell, insisted that the proposed measures were not radical enough and accused the APB of being partisan in favor of auditors.

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