采用IFAC-IAASB审计准则的破坏效用.pdfVIP

Undermining the Statutory Audit The damaging effects of adopting IFAC-IAASB standards on auditing (ISAs) (June 2005) Index Page Section 1 Introduction 1 Aim of this paper 2 Summary of concerns 2 A broader perspective 3 Imposition of IFAC-IAASB standards in the UK – how did it happen? th 4 The damaging effects of the EU’s proposed 8 Company Law Directive 5 The end of ‘true and fair view’ audits as we know them 6 Making the audit expectation gap a reality 7 Transferring ‘audit’ responsibility and liability to the non-executive directors 8 Transferring ‘audit’ responsibility and liability to lawyers and bankers 8 Prescriptive, process based standards 10 Risk in relation to future corporate scandals 11 Proposed UK auditor liability reform is not warranted 11 Commercial conflicts and the global firms 12 Conclusion and recommendations 13 APPENDIX 1: Comparison of the UK Companies Act vs IFAC-IAASB frameworks 16 APPENDIX 2: Auditor Liability – How the different models are structured and the outcomes Morley Fund Management is a business name of Morley Fund Management Limited, registered in England No. 1151805. Registered Office: No.1 Poultry, London EC2R 8EJ. Authorised and regulated in the UK by the Financial Services Authority and a member of the Investment Management Association. Morley Fund Management is also a business name of Morley Fund Management International Limited. Both are Aviva companies. Telephone calls may be recorded for training and monitoring purposes. Undermining the Statutory Audit