Statement of Accounting Standards 110: Fraud and Error
Article Abstract:
Statement of Auditing Standards (SAS) 110 is intended to set standards and give guidance on the responsibilities of auditors in dealing with fraud and error encountered in the course of an audit of an organization's financial statements. SAS 110 refers to both fraud and error since the auditor is expected to ascertain whether a misstatement in the accounts is the result of a deliberate fraud or is merely an unforeseen error. The text of SAS 110, which was released in Jan. 1995, is presented in its entirety. The text includes sections on the responsibilities of both directors and auditors and spells out the procedures to be taken when misstatements are detected in the course of an audit.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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Audit watchdog considers 'naming and shaming'
Article Abstract:
The Professional Oversight Board (POB) is thinking of including 'naming and shaming ' firms in its annual report on audit inspection conducted by the Audit Inspection Unit (AIU). The initiative, which requires inclusion of the names of the companies unable to meet the required standards of auditing as well as publication of complete report on individual firms in the AIU's annual report, has received mixed response from the industry experts.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2006
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A job for all reasons
Article Abstract:
The president of the institute states that the new Financial Reporting Council (FRC) is incorporated for accounting, auditing, ethics standard setting and enforcement, oversight of the profession, inspection of audit firms, the investigation and discipline of auditors. According to him the profession does not control the FRC but its involvement is significant and its influence is appropriate.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2006
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