[MA blog]: Cost of Auditor independence

[Santosh Puthran]

[MA blog]: Updates on www.managementaccountant.in ... Share this fortune with your friends

CAs find it tough to catch up with ICAI rules Posted: 13 Feb 2009 06:17 AM PST From the page: "The Institute of Chartered Accountants of India (ICAI) is planning to issue eight new Accounting Standards (AS) in the next two years, over and above the existing 32. The move by the institute, which besides regulating the profession of chartered accountancy also sets national standards, is aimed at adoption of International Financial Reporting Standards (IFRS) â€" which will become mandatory by 2011. But there are concerns that the instituteâ€s members, numbering more than 150,000, are not being prepared adequately to learn and use these new standards. The new standards are being introduced to improve financial reporting at a time new financial instruments and new businesses with different income and expenditure patterns are emerging." This posting includes an audio/video/photo media file: Download Now

The Cost of Auditor Independence - Regulatory Issues - CFO.com Posted: 13 Feb 2009 06:11 AM PST From the page: "Hiring a public accounting firm to provide both internal and external audits, a practice that was banned by the Sarbanes-Oxley Act, actually reduced companies' accounting risk, researchers claim. The knowledge of a company that an external auditor gained from internal auditing lowered the chances of publishing misleading or fraudulent financial results, according to preliminary findings by professors at Brigham Young and Texas A&M universities." This posting includes an audio/video/photo media file: Download Now

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