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2012, May 18

Audit Reform: Aligning Risk With Responsibility

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Audit Reform: Aligning Risk With Responsibility

by ACCA, 13 September 2011
topics:
Accounting and Regulations Auditing
tags:
ACCA corporate reporting financial crisis global reporting standards
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The ACCA finds that rules governing auditors' liability will need an overhaul if audit is to respond effectively to criticisms made after the financial crisis.

 

Inside:

The stakeholder’s view of audit

  1. Why do shareholders need an audit?
  2. The future of audit – feedback from stakeholders

The implications of reform for auditors’ liability

  1. The auditor’s duty of care
  2. The duty of care in respect of other forms of assurance and undertakings
  3. Joint and several liability   
  4. Measures that have been taken to address liability concerns
  5. The merits of proportionate liability as abasis for limiting auditor liability
  6. The arguments against reforming the rules on liability

 

Orignal Author: 
ACCA
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Audit_Reform_Aligning_Risk_ACCA.pdf682.41 KB

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I believe it is a shared
Submitted by Kwesi Asare Mireku on 14 September 2011 - 6:37pm

I believe it is a shared responsibility of both auditors and directors/management to ensure that the shareholder interest, and at higher level, the overall stakeholder interest is maximized.
However, it is high time in reality we practice the ideal concept of Auditors being appointed by shareholders/members.
If this is practiced, then the shareholders and the world at large to some extent have cause to blame Auditors for any financial crises in businesses all over the world.

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