It takes two to do the audit tango

Article Abstract:

Auditing standards in the UK do little to eliminate the expectation gap experienced by the users of corporate financial statements, the gap between what statement users believe that auditors do and what they actually do. There are three components of the expectation gap: standards, performance, and liability. The Auditing Practice Committee (APC) should reduce the expectation gap to eliminate false expectations among the users of financial statements. The APC compared its guidance to US guidance on auditing standards concerning the expectation gap and has identified and is seeking to rectify inadequacies in three areas: fraud, illegal acts, and the audit report. In addition to auditing guidance, the APC should emphasize education in order to remedy the poor performance that also contributes to the expectation gap.

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Auditing guideline: communications between auditors and regulators under sections 109 and 180(1)(q) of the Financial Services Act 1986

Article Abstract:

The UK Auditing Practices Committee's Auditing Guideline: Communications Between Auditors and Regulators Under Sections 109 and 180(1)(q) of the Financial Services Act 1986 is presented. The guidelines cover auditor reports and communications by both auditors and regulators that are covered by the UK Financial Services Act of 1986.

Auditors

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Exposure draft of an auditing guideline: the auditors' statement on the summary financial statement, issued March 1990

Article Abstract:

The Auditing Practice Committee of CCAB Limited's Exposure Draft of an Auditing Guideline, The Auditor's Statement on the Summary Financial Statement, issued March 1990, is presented.

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