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Audit policy making in the UK

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  • Prem Sikka

Abstract

In accounting discourses, the going concern concept is considered to be 'fundamental' yet in auditing it is considered to be 'material but not fundamental'. Like all other social concepts and practices, 'going concern' is multi-accented and its meanings cannot be stabilized. Against such a background, the UK accountancy bodies formulated and issued the auditing guideline The Auditor's Considerations in Respect of Going Concern in 1985. The purpose of this paper is to explore audit policy making in the UK by examining the formulation of the auditing guideline. The evidence suggests that the auditing guideline was an attempt by the professional bodies to manage a crisis of auditor responsibility. It suggests that a major aim of the guideline was to minimize audit effort in order to give maximum protection from litigation to major auditing firms.

Suggested Citation

  • Prem Sikka, 1992. "Audit policy making in the UK," European Accounting Review, Taylor & Francis Journals, vol. 1(2), pages 349-392.
    • Handle: RePEc:taf:euract:v:1:y:1992:i:2:p:349-392
    DOI: 10.1080/09638189200000027
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    Cited by:

    1. TAIWO Isaac Babatope & ADEGOKE Victoria Adewunmi, 2019. "Evaluation of Internal Audit Operations and the Efficiency of Educational Performance in Nigerian Universities (A Case Study of Ekiti State University, Nigeria)," Business and Management Studies, Redfame publishing, vol. 5(4), pages 49-61, December.
    2. Prem Sikka, 2010. "Using the media to hold accountants to account: some observations," Qualitative Research in Accounting & Management, Emerald Group Publishing Limited, vol. 7(3), pages 270-280, August.
    3. Sikka, Prem, 2015. "The corrosive effects of neoliberalism on the UK financial crises and auditing practices: A dead-end for reforms," Accounting forum, Elsevier, vol. 39(1), pages 1-18.
    4. Danuta Krzywda & Derek Bailey & Marek Schroeder, 1998. "The development of the role of the statutory audit in the transitional Polish economy," European Accounting Review, Taylor & Francis Journals, vol. 7(3), pages 407-440.
    5. Isabelle Fabioux, 2016. "Le processus de normalisation de l’audit : état de l’art et voies de recherches futures," Post-Print hal-01902563, HAL.
    6. Sikka, Prem, 2009. "Financial crisis and the silence of the auditors," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 868-873, August.
    7. Kim K. Jeppesen, 2010. "Strategies for dealing with standard‐setting resistance," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 23(2), pages 175-200, February.

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