Wheelers Books

Preserving Your Right to Audit

Preserving Your Right to Audit

The Companies Act 1989 has imposed statutory regulation on auditing practice in the UK. Firms of Registered Auditors will be monitored and inspected annually before registration is renewed. This book suggests steps towards ensuring that audit work is compatible with new standards... read full description below.

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ISBN 9780863252877
Published 1 March 1992 by Croner.CCH Group Ltd
Format Trade Paperback/Paperback
Author(s) By Woolf, Emile
Availability Out of print

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Full details for this title

ISBN-13 9780863252877
ISBN-10 0863252877
Stock Out of stock
Status Out of print
Publisher Croner.CCH Group Ltd
Imprint Croner CCH Group Ltd
Publication Date 1 March 1992
Publication Country United Kingdom United Kingdom
Format Trade Paperback/Paperback
Author(s) By Woolf, Emile
Category Management Accounting
English law: taxation law
Number of Pages x,90
Dimensions Width: 153mm
Height: 234mm
Weight Not specified - defaults to 600g
Interest Age General Audience
Reading Age General Audience
NBS Text Finance & Accounting
ONIX Text Professional and scholarly
Dewey Code 657.450218
Catalogue Code Not specified

Description of this Book

The Companies Act 1989 has imposed statutory regulation on professional auditing practice in the United Kingdom, and it involves direct monitoring of both technical and ethical standards. While UK practice has been a major influence in raising auditing standards all over the world, the public perception as expressed by the Courts, DTI Inspectors and the media has often linked corporate scandal and collapse with audit failure. The Government has therefore taken the opportunity presented by the EC Eighth Directive to enforce a new regulatory regime on the profession, one of the features being formal practice inspections. Most firms on the initial list of Registered Auditors have been granted their status on the strength of little more than an application form. Annual renewals may prove to be another matter entirely. A year's experience of practice monitoring will enable the Regulators' Annual Returns to focus on the serious failings commonly encountered and to insist on firm evidence of remedial steps before renewing registration. It is therefore important, if the right to continue auditing is to be preserved, that all necessary precautions are taken and maintained. The purpose of this text is to highlight the deficiencies and weaknesses to which smaller firms are susceptible - often without their realising it - and to catalogue the positive steps to be taken in ensuring that audit work is compatible with the evidential new standards now expected. The issues covered include: analysis and interpretation of the regulations themselves; dealing with independence problems; small company audit procedures; accountancy work as a source of audit evidence; internal quality controls and reviews; assessing audit risk; monitoring standards and practice inspections; and PI Insurance requirements.

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