UK auditing - regulation and codes

Level: Undergraduate | Grade: First | Approx. Word Count: 1,900

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Overview

Since the beginning of the twenty-first century international and national governments, including the UK, have expended significant time and effort in developing, implementing and revising financial reporting and auditing standards designed to increase the accuracy and reliability and validity of corporate financial statements.

In the wake of the spate of corporate failures and the financial consequences that occurred around the beginning of the twenty-first century, of which Enron, Polly Peck and WorldCom were among the most notable, International governments and regulators focused on the development of more stringent regulations that were specifically aimed at reducing the occurrence of these dramatic and costly events in the future. This essay examines these regulations and the issues and concerns that still surround them.