Summary
Contents
Subject index
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.
Regulating the Auditing Profession
Regulating the Auditing Profession
Introduction
In little over a hundred years, external audits have become a common way of regulating a variety of organizations. After the 1878 crash of the City of Glasgow Bank, the Companies Act 1879 made external audits mandatory for all banking companies registered thereafter with limited liability. At that time it was hard to imagine that by the end of the twentieth century, not only most limited liability companies1 but also schools, hospitals, universities, charities, trade unions, housing associations and many other organizations would be subject to compulsory annual audits. This expansion of the role of external audit has also been accompanied by an increasingly formal regulation of auditors and the external audit process.
Initially, auditors were regulated by peer ...
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