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« Audit competition and the Budget | Main | No Magic Wand »

30 March 2011

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I think we should also highlight the aspect of "Substance over Form" along with stressing Auditors' liabilities to implement this. Today's finacial crisis is a result of major oversight by the management wings of the society, where Audit is only a smaller cell. Holistic approach to combat waste is imminent.Auditors can obviously do Taxation works along with External Audit as there is no apparent conflict of interest. Audit report is directed to shareholders and Tax returns are submitted to Tax Authority having no conflict with the only issue of excessive dependency of fees (10% threshold of Uk ). With more and more emphasis of Professionalism in Audit Exams, we are confident that tomorrow's Auditors will yield ven higher quality of Audit but society also has to offer them equivalent social securities of the past, & in this Government,Political bodies and economists play higher & pivotal role.

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