Monitoring by inspection

Article Abstract:

The implementation of audit regulations in the UK is intended to set the standards of audit inspection through feedback gathered by the Joint Monitoring Unit (JMU) of Great Britain's Department of Trade and Industry. The JMU carries the responsibility of conducting the practice inspections that will form the basis for monitoring standards. Prior to inspection, pre-visit questionnaires will be sent to the selected firms to allow for visit planning. Inspection will be carried out by two inspectors who will be making the company visits on a periodic basis, with the number of visits depending on the type and size of the company, and the number of audits the firm carries out.

Standards, United Kingdom. Department of Trade and Industry, Great Britain

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What legislators forget...

Article Abstract:

The extent to which the quality of governance is an effective antidote to corporate malpractice depends on a number of human rather than regulatory factors. The Sarbox framework, where the audit methodology is subject to the ongoing assessment for relevance and successive ethical pronouncements have placed heavy emphasis on independence, is discussed.

United States

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It'll end in tears

Article Abstract:

The U.K. Audit Quality Forum (AQF), which represents investors, companies and accountants, complains that audits have become commodity services that do not generate useful information, and wants auditors to sign a new statutory statement that there are no 'matters of emphasis' to which they want to draw attention.

United Kingdom, Management dynamics, Management, Company business management

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