PracticeAuditAudit – News in brief

Audit - News in brief

Accountants from all over the world will converge in Hong Kong for the 16th World Congress of Accountants from 18 to 21 November this year. The focus this year is auditor independence, ethics, technological issues and corporate governance, and the application of international accounting standards.

Auditing standards-setter the Auditing Practices Board has published a briefing paper aimed at informing non-executive directors of new auditing rules. Under a revision to Statement of Auditing Standards 610 published last year, auditors are now required to communicate certain matters to audit committees. These standards came into effect for financial periods commencing on or after 23 December 2001.

A US judge has upheld the guilty verdict against Enron auditor Andersen for obstruction of justice leaving the way clear for Andersen to be sentenced next month. Andersen’s lawyers had asked the judge to overturn the jury’s 15 June guilty verdict, arguing the government had presented insufficient evidence and the jurors had based their decision on actions that were not criminal. The request was denied.

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