C/F/304. Kazakhmys PLC Valuation

The paper reports on the Kazakhstan copper producer Kazakhmys PLC providing information on the company's background, and evaluation their pricing strategies. The methods of company valuation are described.

C/F/344. Does the existence of Audit Committee as governance mechanism result in better corporate performance or wealth effects for investors?

The paper examines the role of the Audit Committee (AC) in corporate governance CG) providing a review of literature on the agency theory, the issues of CG, the scandals related to CG failures, etc. Statistical methods of regression analysis of dependent and independent variables are employed to evaluate AC effectiveness. Conclusions are made about the correlation between AC and CG.

C/F/338. Issues of modern auditing

The paper addresses the issues of auditing examining the difficulties of retaining auditor independence and adopting an ethical approach (with reference to the Enron scandal), the success factors behind auditor's report, the importance of dealing with expectation gap by conveying relevant information to the members of companies to whom the auditors report, the need for changes in respect of auditor liability, and the outcomes of the continuing growth of the 'audit society'.

C/F/265. Northern Rock: Business Issues

The paper discusses the Northern Rock situation, critically analysing the principal arguments for and against the statement that Northern Rock was a disaster waiting to happen. The business model of Northern Rock is presented with regards to its asset structure and funding strategies. It is argued whether the Northern Rock failure was due to the institution or to the system.

C/F/234. Is UK Regulatory Framework Enron and Worldcom proof?

The paper evaluates the effectiveness of the UK regulations against accounting and financial disasters similar to those in Enron and Worldcom. Enron and Worldcom scandals are reviewed discussing the UK regulatory framework before and after these disasters.

C/F/191. Social and Environmental Auditing

This paper writes on two themes. One on the environmental and social audit, and the second on the independence of auditors. It finds that environmental audits are of the two, the only one which has maintained credibility in a capitalist oriented market. Whatever the arguments for social audits, it cannot truly be sustained or worked in such a way as to satisfy all concerned parties. With the growing discord over the damage commercial enterprises are committing to the environment, members of the public are becoming quite concerned over the impact of the company on the environment. Such concern will affect their future investments. So much so that even governments are forced into recognising and acting on that concern. On independence of auditors, it finds that independence is largely within the purview of those conducting the audit. The two main concerns over auditor independence is managerial control over the appointment of auditors and the provision of additional unrelated services to these same companies by these same auditors. The general opinions on the suggested solutions are given, with a commentary.

S/F/115. 'Given the commercial pressures they operate under, auditors do a good job'. Discuss and reach a conclusion

The paper examines the commercial pressures faced by the Big Four accounting firms in the UK describing their competitor environment, outlining the factors that affect the quality of the audit, and evaluating the UK market for auditors.

S/F/114. 'International statements on auditing should be much more prescriptive about how an audit is carried out'. Discuss and reach a conclusion

The paper looks at various auditing strategies critically examining current international audit standards (IAS), and discussing the nature of tests carried out by auditors, audit risks, etc.

S/F/113. 'The current scope of an audit under International Statements on Auditing is too narrow. There is no reasonable argument against extending it in line with shareholder demand as ultimately they pay for the service'. Discuss and reach a conclusion

The paper examines the role of auditors discussing the scope of their work, the so-called 'expectations gap', the consequences of the Enron scandal, and the concerns of shareholders related to audit practices.

E/F/77. Auditing

The paper reviews theoretical approaches to auditing focusing on the tentative postulates of auditing by Mautz and Sharaf, and reviewing the current international regulatory framework of auditing. The role of audit in the 21st century businesses is discussed.

E/F/76. Corporate fraud: how can it be prevented?

The paper examines the causes and implications of corporate fraud providing its definitions, highlighting legislative and regulatory activities aimed to prevent fraudulent reporting, discussing the concept of auditor independence, the methods to combat fraud, etc.

E/F/58. Audit Market

The paper examines the audit market describing its main players, i.e. Deloitte, Ernst and Young, KPMG and PricewaterhouseCoopers, discussing the gap between small firms and big four firms, the effects of globalisation on audit practices, etc.

E/F/57. Audit Risk

The paper examines the approaches to business risks stipulated by the International Standards on Auditing (ISA) discussing detection risks and making recommendations about ISA changes.

E/F/56. Auditing Expectation Gap

The paper examines the standards for the expectation gap in auditing discussing the flexibility of its limits and focusing on the deficient standards gap. The need for a clear definition of the audit scope under the international standards on auditing (ISA) is emphasized.