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The regulation of auditors

Article Abstract:

The text of the British Department of Trade and Industry's proposals for a new regulatory framework for auditors is reprinted. Supervision of practicing auditors would be by a body appointed by the Secretary of State, and all approved auditors would be required to have a 'registered' or 'approved' designation. Minimum standards for statutory auditors would be set, with prescriptions for professional standards of integrity and independence. The Department's stated objective is to balance professional self-regulation with the need to assure that its Eighth Directive requirements are met. Criteria for professional requirements, monitoring bodies, and individual authorization are outlined.

Auditors

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Complaints from the DTI about accountants and auditors

Article Abstract:

The UK Department of Trade and Industry has informed the Institute of Chartered Accountants of Scotland that breaches of law in accounting practice in certain delineated areas will result in formal complaints to the Institute. The five areas identified include: accounts not in statutory formats; unwarranted filing of modified accounts; accounts not filed by the due date; auditors acting as company secretaries; and depreciation of fixed assets. Appendixes concerning unwarranted filings, time limits for filing, and accounting for depreciation are presented, as is a statement on revisions to Statement of Standard Accounting Practice 12 (Revised), Accounting for Depreciation.

Reports, Accounting, Great Britain, Institute of Chartered Accountants of Scotland

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