standards Archives - Emile Woolf writes

The FRC’s penal sanctions regime fails to raise standards

“ACCOUNTANCY” – FEBRUARY 2018 PENAL SANCTIONS REGIME THAT DOES NOT RAISE STANDARDS The main objectives of the Financial Reporting Council’s sanctions policy are to improve audit performance, protect the public from sub-standard work, maintain market confidence and uphold proper auditing standards. The policy emphasizes, however, that its purpose is not to punish, but to protect […]

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Bring back “substance over form” to overcome this accounting farce

When “true and fair” accounts disclose either favourable results that are factually unsupportable, or a position much worse than warranted due to an “accounting quirk”, with no bearing on actual performance, we are bound to wonder what is going on. Arbitrary losses may arise when a business is forced to separate its foreign exchange credits […]

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