The Third Edition of this successful text includes extensive changes, based on feedback from students and lecturers. There is a discussion of auditing and the law beyond the issue of third-party liability; and more coverage of recent developments in audit methodologies and techniques. New chapters include a survey of developments in audit automation, a discussion of the nature and development of the audit market, both in the United Kingdom and the European Union, and an assessment of the impact on auditing of the Cadbury Report on corporate governance, with particular attention to the role of audit committees. Each chapter includes questions for discussion.

The Auditor and the Smaller Company

The Auditor and the Smaller Company

The auditor and the smaller company


There are two broad questions to be discussed in this Chapter: Should small companies be required to have their accounts audited? And: if an audit is required by the operation of company law or otherwise, what special problems do auditors of a small company face and how should they resolve them? The first question is a matter of public policy and in practice needs to be answered by government; the second question is about the conduct of auditing engagements and is a matter upon which members of the accounting and auditing professions need to form a view.

Recent moves to reduce the burden of administrative requirements on small businesses have, paradoxically, made the position more ...

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