Alternative disclosure: the Auditing Standards Board examines the when, why and how of financial statements designed to meet special needs

Article Abstract:

The Auditing Standards Board (AuSB) introduced a project that will provide external users special information needs that are not met by the generally accepted accounting principles (GAAP). The guidelines that were introduced are focused on special circumstances in which an auditor will report on financial statements prepared employing an appropriated disclosed basis of accounting (ADBA), rather that GAAP. Various approaches for reporting on ADBA were developed which includes limiting the use ADBA reports only on permitted bases of accounting, restricting the use of ADBA reports to specific circumstances.

Standards, Laws, regulations and rules, Auditing, Auditing Standards Board

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Examining the UFE process

Article Abstract:

Chartered accountants (CAs) are divided over the issue of whether the CA education system that culminates in the UFE should be changed or retained in its existing form. Both sides agree that the current education system results in improved skills and allows CAs to appreciate the meaning of serving clients adequately. However, while some believe that the system is ripe for a change as society increasingly demands more educated and experience CAs, others contend that the rigor and intensity of the current UFE experience lead to CAs of higher quality and integrity.

Accounting, Education, Curricula, Accountants

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The auditing marketplace

Article Abstract:

The study of the economics of auditing services is a fairly new field of academic research which was spurred mainly by government interest in determining the competitiveness of professional services. Researchers analyzed the organization of the auditing services market using traditional economic models. In addition, they delved into the impact of product differentiation and service quality on the competitiveness of both small and large auditing firms. Some of the significant findings of economic studies on the auditing services market are discussed.

Analysis, Economic aspects, Economic research, Accounting firms, Accounting services

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