Reliance on other specialists

Article Abstract:

Often, auditing work requires the assistance of non-auditors, such as property valuation experts, quantity surveyors, geologists, lawyers and actuaries. When such expertise is required, auditors should advise their clients of the need, but should not feel obligated to obtain the help of the outside expert if one is not employed by the client. In these instances, the audit opinion should be qualified. When experts are employed, they should be selected on the basis of their membership in professional groups and societies, and their technical qualifications, rather than on the basis of their reputation. Other items in the British accounting standards exposure draft related to the use of outside experts are also discussed.

Auditing, Business consultants, Management consultants

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Setting standards for the world

Article Abstract:

The International Federation of Accountants (IFAC) and the International Accounting Standards Committee (IASC) are working together to develop international accounting standards. IFAC is composed of 101 accounting bodies from 77 countries. IFAC has developed committees in the areas of education, ethics, financial and management accounting, public sector accounting, and international accounting practices. While it is IFAC's responsibility for advancing accounting knowledge and developing coordination among member nations, it is the IASC's responsibility to develop actual international accounting standards.

Analysis, International aspects, Accounting, International Accounting Standards Board, International Federation of Accountants

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How to present segmental information in annual reports: what the investment analyst thinks

Article Abstract:

The accounting report criteria considered most important by investment analysts are consistency, flexibility, and feasibility. Guidelines for developing standardized disclosures of disaggregated information are discussed. The segmental report should accurately reflect the primary businesses and the market locations of the company being reported.

United Kingdom, Financial statements, Corporation reports, Company reports

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