The auditors' 364 days without teeth

Article Abstract:

The expectation gap refers to the difference in the perceptions of the audit function by the accounting profession and by the users of financial statements. Many users of financial statements are upset that auditors do not uncover problems in troubled firms which subsequently go bankrupt. The problem with annual audits is that auditors do not have great familiarity with audited firms because they visit the firms only once a year. In addition, the audit format does not provide the opportunity to report opinions on the deficiencies of management. Auditors primarily ensure that proper financial controls are in place and are operating. In order to ensure that financial reports have value, the auditing process should be ongoing rather than annual, and the auditor should be allowed greater latitude to report opinions.

Accounting, auditing, & bookkeeping, Analysis, Accounting and auditing, Auditing, Corporation reports, Company reports

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Financial services - for whom the bill tolls

Article Abstract:

Richard Wilkes, chairman of a combined Irish, Scottish and British Institute of Chartered Accountants' working party to examine and discuss the proposed Financial Services Bill in Great Britain, is interviewed about the implications of the Bill, which will probably receive the Royal Assent in October 1986 but is not likely to affect the practitioners until June 1987. The bill sets standards of conduct for the investment business and demands authorization before carrying on such a business.

Laws, regulations and rules, Financial services industry, Financial services, Services, Accounting, Economic policy, Accounting firms, Accounting services, Accountants, Great Britain, interview, Wilkes, Richard

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The world of leisure: no place to relax

Article Abstract:

The finances of Mecca Leisure PLC are discussed. Mecca Leisure is a UK company which operates bingo clubs, night clubs, catering operations, and resort areas. Mecca Leisure was purchased in a management buyout in Dec 1985, and listed on the London Stock Market in Oct 1986. Mecca's financial director discusses the management buyout, the restructuring of the company's operations that have occurred since then, and the company's marketing strategy.

Case studies, Finance, Leisure industry, Entertainment industry, Mecca Leisure PLC

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