The council of the International Bar Association, alarmed by the accountants' plans, last year called on world regulators to consider preventing such firms from offering other services to companies whose books they audit.
According to AICPA rules for auditor independence, PwC can support software development and implementation for its audit client if that system is not the financial accounting software that produces the books and records the firm will audit.
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It is unclear that a bigger crop of smaller firms would audit companies' books any better.
That means you balance the budget, that means federal agencies got to know where they spend their money, and they've got to give you a clean audit of their books.
Although shareholders have not seen any financial data since Lime began the internal audit of its books last July, there have been numerous announcements of progress in its utility business.
The company had offices in London and Miami, and because Fluxman knew both British and American accounting rules, he was able to square the books and save a bundle in audit fees.
This bravura general explanation--of how a failing company and its toadying audit firm can cook the books through nonexistent revenue--is an expository tour de force and the core of the novel.
All of this infuriates Marcel Reid, who, along with seven other national Acorn board members, was removed last year after demanding an audit of the group's books.
The one that was losing at audit because he had two sets of books (yes, actually two physical sets of books) and kept getting confused?
The Fiscal Responsibility Law needs complementing with further reforms, for example, one to give more power and independence to the audit tribunals that are supposed to check the books at all levels of government.
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All the books must be opened and any company taking another penny must consent to an audit, waiving any legal right to block the government from stepping in.
The common refrain: Rotating audit firms every few years would raise costs, reduce the familiarity of accountants with a company's books and impair the quality of audits.
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