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Article
Publication date: 1 August 1995

Rocco R. Vanasco, Clifford R. Skousen and Curtis C. Verschoor

Professional accounting associations in various countries andgovernmental and other quasi‐official bodies have played an importantrole not only in the evolution of internal…

17301

Abstract

Professional accounting associations in various countries and governmental and other quasi‐official bodies have played an important role not only in the evolution of internal control reporting on a global scale, but also in educating management, investors, financial institutions, accountants, auditors, and other interested parties highlighting the pervasiveness of the effects of a sound internal control structure in corporate reporting as well as other aspects of an organization′s success. These associations include the Institute of Internal Auditors (IIA), the American Institute of Certified Public Accountants (AICPA), the General Accounting Office (GAO), the Securities and Exchange Commission (SEC), the Cadbury Committee, the Institute of Chartered Accountants of England and Wales (ICAEW), the Scottish Institute of Chartered Accountants (SICA), the Canadian Institute of Chartered Accountants (CICA), and others. Business failures, management fraud, corporate misconduct, international bribery, and notorious business scandals in all sectors of business have prompted the US government to take drastic action on internal control reporting to safeguard public interest. Several professional and government committees were formed to study this precarious situation: the Treadway Commission, the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, the Packard Commission, the Cohen Commission, the Adams Commission in Canada, the Cadbury Committee in the UK, and others. The principal motivation for the changing dynamics has been growing public pressure for greater corporate accountability. The government′s pressure on the accounting profession and management of public corporations has been pivotal in spearheading internal control reporting. Examines the role of professional associations, governmental agencies, and others in promulgating standards for internal control reporting, and the impact of legislation on this aspect of internal auditing in the USA and worldwide.

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Managerial Auditing Journal, vol. 10 no. 6
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 1 June 2001

Rocco R. Vanasco, Clifford R. Skousen and Richard L. Jenson

Auditors gather evidence to formulate their judgment on financial statements and in assessing the risk factors concerning the company under audit. Examines the role played by the…

3436

Abstract

Auditors gather evidence to formulate their judgment on financial statements and in assessing the risk factors concerning the company under audit. Examines the role played by the American Institute of Certified Public Accountants (AICPA) and the Securities and Exchange Commission (SEC) in developing auditing standards concerning audit evidence. Significant court and SEC cases relating to audit evidence are described and issues discussed.

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Managerial Auditing Journal, vol. 16 no. 4
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 1 December 1997

Rocco R. Vanasco, Clifford R. Skousen and L. Roger Santagato

Examines the role of professional associations and governments in developing and promulgating standards to foster auditor independence. Presents a survey of countries which showed…

6790

Abstract

Examines the role of professional associations and governments in developing and promulgating standards to foster auditor independence. Presents a survey of countries which showed that many had taken steps to enhance auditor independence. Governments of several countries had implemented professional audit standards sanctioned by their professional accounting associations dealing with auditor independence. In many countries independent auditors may be censured and even expelled from their respective professional associations for violations of their codes of ethics. The survey also showed that cultural differences limit the effectiveness of international reliance on auditor independence.

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Managerial Auditing Journal, vol. 12 no. 9
Type: Research Article
ISSN: 0268-6902

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Book part
Publication date: 6 December 2018

Nigel Culkin and Richard Simmons

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Tales of Brexits Past and Present
Type: Book
ISBN: 978-1-78769-438-5

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Article
Publication date: 1 November 1999

Gerald Vinten

Practising internal and external auditors regularly find that crucial concepts governing how they operate are the twin terms of independence and objectivity. Part of the problem…

6171

Abstract

Practising internal and external auditors regularly find that crucial concepts governing how they operate are the twin terms of independence and objectivity. Part of the problem is that the two terms are often equated. The impact can be conflict with the auditee, misunderstanding with other stakeholders, impairment of efficiency and effectiveness, and role conflict within the internal audit department. The Institute of Internal Auditors is reviewing some of the cherished notions of internal audit in the light of pressures and developments in the business environment. It has already produced a new definition of internal auditing, which, as before, includes the terms independence and objectivity. Consistently, it decided to re‐evaluate these two terms, and established an international research team. This was the briefing submission from the UK, which was highly influential in determining the final product, not yet in the public domain. It considers professional statements and standards, research and developments in both internal and external auditing.

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Managerial Auditing Journal, vol. 14 no. 8
Type: Research Article
ISSN: 0268-6902

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Book part
Publication date: 16 November 2006

Jun Seong Ho and James B. Lewis

Since 1997, a quantitative revolution has swept Korean economic history and generated a new paradigm. From 1700 to 1900 the Korean economy expanded and contracted along lines…

Abstract

Since 1997, a quantitative revolution has swept Korean economic history and generated a new paradigm. From 1700 to 1900 the Korean economy expanded and contracted along lines suggested by Adam Smith. Economic expansion was based on productive land and a stable commodity market. The direct result was high real skilled wages. Economic contraction became clear from the mid-nineteenth century when the value of land declined, commodity prices rose, and real skilled wages fell. The contraction was apparent before the appearance of Japanese imperialism and the absorption of Korea into the international commodity market after 1876.

Details

Research in Economic History
Type: Book
ISBN: 978-0-76231-344-0

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