The Web-site jungle

Article Abstract:

The emergence of the World Wide Web as a means of disclosing corporate financial accounts have created conflicts regarding auditing responsibilities and the accuracy of information featured in electronic sites. In an attempt to address these problems, the Auditing Standards Board introduced the Section 5020 for managing annual financial reports. The proposed provisions nullify auditors' legal responsibilities for statements published in the Web, since these information are not considered documents.

Reporting & Disclosure, Analysis, Usage, Canada, Laws, regulations and rules, Auditing, World Wide Web, Financial statements

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Standards for assurance engagements

Article Abstract:

Canadian companies are increasingly demanding for independent assurance on a wide variety of subject matters aside from historical financial statements. In light of this, the Canadian Institute of Chartered Accountant's Auditing Standards Board and the Public Sector Accounting and Auditing Board have formulated a draft of standards for assurance. A detailed discussion of the key features of the draft is presented.

Financial Regulation NEC, Standards, Financial services, Insurance, Commercial law, Canadian Institute of Chartered Accountants

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The OSC steps into the GAAP

Article Abstract:

The work of the Ontario Securities Commission (OSC), Canada in 2001 is described, with focus on the OSC's effort to discover how software companies in Ontario account for revenue from different sources.

Computer software industry, Software industry, Investigations, Ontario, Ontario. Securities Commission

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