Reforming the Form of the Auditors’ Report: The Case of Building Societies, 1956-1960
AbstractThe purpose of this study is to explore how the audit of building societies changed in the late 1950s in a reversion of audit objective from ‘fraud detection’ to ‘statement verification’ (Chandler et al., 1993: 452). Of particular interest is the analysis of the extended negotiations between the ICAEW and the Treasury over the reform of the form of the auditors’ report for building societies, which was implemented through the enactment of the Building Societies Act 1960 (BSA60) We show how change implemented through the BSA60 relieved chartered accountants from ‘out of tune’ (T233/1652) practice established by nineteenth century legislation, but to do so required them to take an alternative duty to report on internal control.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 3690.
Date of creation: Jun 2007
Date of revision:
building societies; the form of the auditors’ report; the auditors’ reporting duty on internal control; the ICAEW; Building Societies Act 1960 (BSA60);
Find related papers by JEL classification:
- M42 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Auditing
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
This paper has been announced in the following NEP Reports:
- NEP-ACC-2007-06-30 (Accounting & Auditing)
- NEP-ALL-2007-06-30 (All new papers)
- NEP-HIS-2007-06-30 (Business, Economic & Financial History)
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