RSSArchive for November, 2014

Nov

30

The auditor and professional scepticism

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The auditor and professional scepticism

An auditor is required under the ISAs (UK and Ireland) to carry out their work with professional scepticism. Professional bodies and regulators frequently criticise audit firms for failing to evidence that they have exercised professional scepticism during the audit. Essentially, a high-quality audit features the exercising of professional judgement by the auditor and a mindset […]

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Nov

28

FRS 102: Related party disclosures

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FRS 102: Related party disclosures

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with related party disclosures in Section 33 Related Party Disclosures. Most companies will undertake some form of transactions with related parties and are usually entered into in the normal course of business and at market values. However, there are occasions […]

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Nov

10

Guidance on going concern for companies

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Guidance on going concern for companies

Going concern has moved up the ranks in the profession over recent years, due in large part to the recent economic crisis – indeed even the most profitable companies can see themselves in financial difficulty due to cash flow constraints or in the worst cases the reporting of profits which are not cash-backed to mislead […]

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