Influence in the Community

Article Abstract:

The Institute of Chartered Accountants in England and Wales takes an active part in the shaping of European Community legislation pertinent to the accountancy profession through its Business Law Committee. As part of the Institute's Technical Directorate, the Business Law Committee's EC activity is bounded by the kind of legislation that is being proposed or currently discussed in Brussels and the Institute's exertion of restraint in the use of lobbying as a means of introducing legislation based on an attitude that 'no legislation is better than bad legislation.' The Institute's EC activity focuses on legislation that directly affects accountants, indirectly affects accountants but exerts significant effects on accountants' areas of specialization, and legislation that affects accountants as members of the business community. The three routes of communication used by the Institute to influence legislation are discussed.

Professional organizations, Laws, regulations and rules, Political activity, Institute of Chartered Accountants in England and Wales, European Union, European Community

---

An auditor's guide to bridging the gap

Article Abstract:

The UK accounting profession must address the expectation gap in auditing, that is, the gap between what is expected from an audit and what is delivered, in light of the Caparo Industries decision. There are three categories of criticism of audits that need to be addressed: the failure of a company without adequate warning, fraud, and error. A common practical factor causing the expectation gap is the lack of adequate management information, a situation that can be remedied by two steps: broadening the definition of accounting records and including a statement that budgets have been prepared for the following year and the company will continue operations.

United Kingdom, Accounting and auditing, Auditing, Corporation reports, Company reports, Great Britain

---

Similar abstracts:

• Abstracts: Options can defer income recognition and convert interest into capital gains. Requirements to obtain the lower head of household rates eased in several areas
• Abstracts: IRS concedes the wrap-around fight, and a new planning strategy opens up. Impact of changed depreciation rules and repealed investment credit on planning
• Abstracts: Who's who on the Council. The new president: Ian Tegner
• Abstracts: Evidence on the role of firm capabilities in vertical integration decisions
• Abstracts: Keeping control with post completion audits. Competitive forces keep fees flat as top 100 companies rein in costs

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.