Governance & Regulation Archives - Page 15 of 15 - Emile Woolf writes

Spicing up the Audit Report will end in tears

A study of the evolution of the form and content of UK audit reports over, say, the past 50 years would make nostalgic but intriguing reading because it would at the same time reflect changing public and investor expectations of the audit function.   Under the Companies Act 1948 audit reports were required, positively, to […]

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Time to give unaudited accounts “compilation” status

Last month I highlighted the deterioration in quality of company accounts on file, linking this phenomenon to the increase in number of companies exempt from audit.   Since the new Companies Act makes no attempt to address this issue the profession’s own Professional Oversight Board (POB) now strongly supports the view that the involvement of […]

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Audit exemption and worthless accounts

The Professional Oversight Board for Accountancy (“POBA”) was set up pursuant to the Companies (Audit, Investigations and Community Enterprise) Act 2004, itself the Government’s response to a series of corporate scandals that shook investor confidence in company reporting and enforcement.  The Government has delegated to POBA its own powers to oversee and monitor audit regulation […]

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