The audit function is an essential part of the regulatory structure which supports the integrity of our capital markets. There is a recognised expectations gap which surrounds the audit function, as many users of audited financial statements have different expectations of the audit function from...

The Department of Trade and Industry (DTI) issued a consultation document in November 1998, which set out a framework for the independent regulation of the accountancy profession. This framework broadly adopts the proposals put forward by the profession itself. In this paper, the focus is on...

On 16th April, 2002, the authors gave oral evidence to the House of Commons Treasury Committee Inquiry into Financial Regulation of Public Limited Companies which was set up following the collapse of Enron. This paper is adapted from the written submission to the Committee on which their oral...