The practical problems of illegal acts

Article Abstract:

The International Auditing Practices Committee's (IAPC) recommendations on how to deal with illegal acts are contained in its exposure draft, 'International Standard of Auditing on Illegal Acts.' While the exposure draft is not directly applicable in the UK, it is expected to serve as a general guide on the reporting responsibilities of an auditor with respect to illegal acts. The IAPC recommendations specify that auditors are expected to promptly report all illegal acts to management. They are also required to qualify all audit reports involving accounting records that do not conform to statutory formats. The IAPC makes it clear, however, that third parties need not be informed unless the auditor is legally required to do so. The exposure draft also provides a useful categorization of illegal acts but does not elaborate on what specific procedures are to be followed.

Accounting, auditing, & bookkeeping

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The implications for auditors of the Financial Services Act 1986

Article Abstract:

The Institute of Chartered Accountants in England and Wales Auditing Practices Committee has issued an exposure draft of a proposed auditing guideline which discusses the implications of the Financial Services Act of 1986. The Act has introduced a new regulatory framework for the investment business in the UK. The powers of the Securities and Investments Board and of self-regulatory bodies under the Act are described. The accounting records and financial resources requirements of the Act are discussed.

Laws, regulations and rules, Auditors, Great Britain

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