To audit or not - dabblers need not apply

Article Abstract:

The introduction of the Financial Services Act of 1986 (FSA) leads small accounting firms and sole practitioners in the UK to carefully consider whether or not to offer auditing as one of their services due to audit regulations imposed under the FSA. A Joint Monitoring Unit inspector is tasked with enforcing the new regulations. Audit regulation will encourage practitioners and small accounting firms opting to offer auditing services to maintain the highest accounting standards, consequentially allowing them to provide valuable service to their clients at a price commensurate to these high standards.

Practice, Accountants

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New Japanese PwC firm suffers audit ban

Article Abstract:

The new Japanese firm Aarata, to be launched by PricewaterhouseCoopers (PwC) on 1stJuly, 2006, will not undertake any audit work which is covered by the ban on its existing firm, ChuoAoyama from carrying out certain audit work following its involvement in an accounting fraud. PwC maintains that the two-firm strategy would aid in enhancing their audit quality and in serving domestic and international clients in Japan quickly and efficiently and is hoping to enlist a minimum of 80 members by the year-end.

Japan, Parent-to-subsidiary activities, Subsidiary-to-parent activities, Subsidiaries, divisions and units, Accounting fraud, PricewaterhouseCoopers International Ltd.

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FRC considers action on audit competition

Article Abstract:

The Financial Reporting Council (FRC) is planning to take some action in order to improve choice in the larger company audit market. The different regulatory strategies considered by the FRC to lift the veil that has protected the Big Four for too many years are discussed.

United Kingdom, Services information, Services

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