Accounting practices

System

can anyone help me find out about external regulations affecting accounting practices?

System

Re:Accounting practices

One of the things you could possibly look into is the Joint Monitoring Unit (JMU). They are the people who visit accountancy firms to check their audit work and check that they are complying with Auditing Standards.

You could even look at the Auditing Standards themselves for example when to issue a qualified audit opinion and when not to and the various types of qualified audit reports (e.g. when a matter is a "disagreement" and whether a matter should be classed as pervasive [where the auditor can issue a disclaimer of opinion]). These regulations affect Practice (especially after Enron, Worldcom etc) and are subject to very close scrutiny.

Other issues could be financial reporting standards (though these do not necessarily just affect accountancy practices they affect all Companies), Tax legislation (again, not exclusively practice) and also accountancy Institutes (e.g. ICAEW, ACCA and the rules and regulations they impose on both members and practising members). In particular, professional ethics. This has been very topical recently.

Maybe other people have got further ideas, but those are a couple of the main external regulations that affect Practice.

Hope that helps.

Regards
Steve