The McFarlane report: reflections on a failed mission
Article Abstract:
The Auditing Practices Boards report 'The Future Development of Auditing' was criticized for its unrealistic view of the auditing profession. The report defined the expectations gap as the difference between the public's expectation of auditors and what auditors can provide. This definition was said to be incorrect since the real expectations gap is thedifference between what auditors say they can do and what they actually do. Thereport also prescribed new audit responsibilities to be owed to various parties. This move was questioned because if it was true that auditors were notfulfilling their responsibilities, it would be pointless to invent additional ones that no one would need. The exclusion of the 13,000 small firms who perform most of UK audits was observed. The paper's suggestion of auditor's responsibility for directors' and shareholders' decisions was also seen as unrealistic.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1993
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Statute law as you've never known it
Article Abstract:
The small companies are being accorded deregulatory privilege on a grand scale under the new Company Law reform Bill. One of the controversial clauses in this bill is that directors are prohibited from approving accounts unless they give a true and fair view and a duty is imposed on auditors to take this overarching requirement into consideration when expressing their own opinion on the accounts.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2006
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