You can't have one without the other

Article Abstract:

The renewal of accounting practice certificates in the UK will require prior proof of adequate indemnity insurance. The development of compulsory insurance arrangements underscores the necessity for accountants to keep abreast of developments in the profession in order to avoid lawsuits. All audit reports after Sep 1, 1989 fall within the purview of the recently revised Audit Report, which sets applicable standards. Past claims have been the result of: a lack of knowledge of the procedures governing the use of previous financial statements by a new auditor; ignorance of the dangers of warranties given by a client to the accountant acquiring his business; and the conflict between liability policy terms requiring no admission of mistakes and the concept of accountant-client trust. A positive outcome of the increase in awareness of liability will be greater efforts at quality control.

Reports, Accounting and auditing, Auditing, Liability insurance

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The whole corporate governance thing

Article Abstract:

The corporate governance campaign has proved to be singularly useless in combating successive cycles of misdemeanors and the consistent failure of successive codes to cleanse corporate life of its failures arises from the usual problem of misplaced expectations rather than from governance itself. Misplaced faith in governance as a fraud deterrent undermines the positive influence of hierarchic accountability and leaves unresolved the real issues surrounding corruption in high places.

United Kingdom, Legal issues & crime, Government regulation (cont), Government regulation, Other Financial Vehicles, Legal/Government Regulation, Security & commodity services, not elsewhere classified, Financial Record Keeping Services, Interpretation and construction, Evaluation, Corporate governance, Accounting law, Financial records management

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