The accounting profession has long faced the issue of an audit expectation gap; being the gap between the quality of the profession’s performance, its objectives and results, and that which the society expects. The profession believes that the gap could be reduced over time through education....

Auditors are expected by the public and to find all financial statement fraud, even though Generally Accepted Auditing Standards (GAAS) have long held that auditors may not be able to detect all frauds. In this article, we use examples from the experience of an expert witness in numerous major...

This article is aimed at highlighting the views of a Cost & Management Accountant (CMA) about Green Audit vis-à-vis Cost and Financial Audit. The meaning of Green is eco-friendly or not damaging the environment. GREEN can be acronymically called as Global Readiness in Ensuring Ecological...

The aim of this paper is to examine the auditing practices of British gas companies at the beginning of the 19th century, mainly the Chartered Gas Light and Coke Company (GLCC) , which was the first and largest of the gas undertakings worldwide. Gas companies paved the way for the railroads, but...

We assess whether financial statement audits reduce the risk of losses to capital providers. Prior research documents a negative association between financial statement audits and perceived credit risk or interest costs, but surprisingly few studies assess whether lower perceived risk or...

There is a general perception that public confidence in the insolvency profession is low as the result of the recent unethical practices of a few high profile liquidators. As a result, the effectiveness of the current regulatory mechanisms has been questioned, leading to a review of the...

Regulators all over the world have observed a puzzling failure of the practitioners to audit estimates, and castigated auditors for their lack of professional scepticism.This article suggests that this difficulty is caused by a paradox in the very attempt to assure estimates based on evidence:...

Environmental Technology Verification (ETV) is a new tool enabling the verification of the performance claims put forward by developers of innovative environmental technologies. The EU-ETV programme, launched in 2011 by DG-ENV, is supported by Technical Working Groups (TWGs), one for each...

The concept of Continuous Auditing has been around for more than three decades. The ongoing discussion on the benefits and models on adoption has made Continuous Auditing become a more critical issue. Although a lot of progress has been made in previous years, we argue that the entire potential...