Introducing the new SASs
The Auditing Practices Board (APB) issued 21 new Statements of Auditing Standards (SASs) in Feb. 1995. Although the volume of the issuance would suggest a radical transformation of the auditors' job, professionals should realize that this is not so. A slow but steady transition seems to be the more likely possibility. The APB released these standards for two reasons. One is to align current standards with the more comprehensive standards being followed by APB. The other is to align British standard with global benchmarks. This second reason explains why some issues which were not incorporated before in UK guidelines are now discussed. As a matter of fact, five of the new statements do not even have matching guidelines. These are SAS 210 (Knowledge of business), SAS 220, (Materiality and the Audit), SAS 300 (Accounting and Internal Control Systems and Audit Risk Assessments), SAS 420 (Audit of Accounting Estimates) and SAS 430 (Audit Sampling).
Publication Name: Accountancy
They'll help, not hinder - honestly
Knowledge of statements of auditing standards (SASs) can help accounting students raise their chances of passing any audit examination given by the ACCA or by the Institute of Chartered Accountants in England and Wales. The Auditing Practices Board introduced SASs to take the place of old auditing standards and guidelines. The new statements improve on previous ones by providing a more practical perspective of audit requirements. In addition, they combine the mandatory and explanatory categories of the old statements and classify relevant topics under key headings, such as Responsibility, Evidence and Reporting. Among the new SASs that students need to be familiar with are SAS 200 (Planning), SAS 210 (Knowledge of the Business), SAS 220 (Materiality and the Audit), SAS 230 (Working Papers) and SAS 240 (Quality Control for Audit Work).
Publication Name: Accountancy
Net to help catch NZ serum forgers
An Internet-based electronic certification system for bovine serum imported into Europe from New Zealand is currently under development. The system, which should be available within the next three or four months, would enable import inspectors to verify veterinary certificates. Fears over Bovine Spongiform Encephaloptathy and zoonoses have resulted in restrictions on serum produced in many regions, such as South America, Africa and the United Kingdom. However, New Zealand's rigorous controls have have made the country one of the few USDA-approved sources of bovine serum. Because New Zealand serum has become more expensive, some serum processors have diluted it with cheaper substances.
Internet-based electronic certification system for bovine serum imported into Europe from New Zealand is under development
Publication Name: Nature Biotechnology
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