A more prescriptive rulebook for auditors

Article Abstract:

All existing Auditing Standards and Guidelines of general application of the Auditing Practices Board (APB) are currently being reviewed and updated by the Board's Revisions Task Force. The APB undertook the project so that the pronouncements it inherited from its forerunner the Auditing Practices Committee, some of which are already around 15 years old, may be modified to reflect the relevant developments that have occured since their pronouncements' original publication. It is also the APB's intention to represent these modified standards and guidelines in the new format of Statement of Accounting Standards (SASs). The most notable feature of the new SAS format is the emphasis on the difference between the basic principles and essential procedures which must be followed by auditors, and other explanatory materials which are not prescriptions, but are mere guidelines in interpreting and applying Auditing Standards.

Standards, Auditors, Auditing Practices Committee

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Illegal acts - an international issue

Article Abstract:

The International Auditing Practices Committee has issued an exposure draft (ED) that examines the auditor's responsibilities with regards to illegal acts that are committed intentionally or unintentially in violation of the business laws of the country in which an organization operates. The ED describes the auditor's duties in relation to the prevention, detection and reporting of illegal acts uncovered in the course of an audit.

Laws, regulations and rules, Accounting, Auditing, Ethical aspects

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