Service organisations

Article Abstract:

The Auditing Practices Board has released Statement of Auditing Standard (SAS) No 480 to provide standards and guidance to auditors for auditing entities that use services organizations. According to this statement, the role of the auditors is to determine whether or not a reporting entity employs services organizations and to appraise the impact of such use on the procedures for gathering adequate, correct audit evidence that would prove that the financial statements are error-free. The statement discusses audit planning, which involves identifying relevant activities, understanding the contractual terms and reviewing arrangements. It also discusses the standard on the assessment of audit risk and design of audit procedures. SAS No 480 also dwells on accounting records, gathering audit evidence, reporting, and compliance with International Standards on Auditing.

Service Industries, Standards, Accounting and auditing, Auditing, Services industry, Auditing Practices Committee

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Accountant bishop dies

Article Abstract:

Reverend Jim Thompson, the bishop of Bath and Wells in the United Kingdom, has died at the age of 67. Thompson, a chartered accountant, won the Founding Societies' Award in 1994.

United Kingdom, Accountants, Clergy, Bishops, Death of

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