An interesting discussion form Google. led by a very authentic person on auditing Sir Emile Woolf. My repeated warnings to auditors that compliance with IFRS does not guarantee accounting truth and fairness appear to have struck a resounding chord in high places: the House of Lords, to be precise, where the Parliamentary Commission on Banking Standards debated the Bill on banking reform, now enacted by Royal Assent. In Hansard for 23 October 2013 you will find this contribution from Lord Lawson: “The difficulties with IFRS are huge. Noble Lords may have seen the interesting article [in Accountancy] by Emile Woolf – one of the best known chartered accountants – who writes from time to time. I commend the whole article: noble Lords might find it beneficial, although they will be glad to know that I will not read it all out. Woolf writes that: ‘The lapse of accounting and auditing rigour that has allowed IFRS compliance to dissemble truth and fairness has brought shame on our profession and begs the question of exactly what is our purpose’. That is pretty strong wording, but it is well justified. True and fair have effectively gone and the importance of prudence has given way to box-ticking.” Khalid Maniar writes. A stunt warning for us if we think compliance to IFRS has all O.K. status. Be ware of IAS and act accordingly.
Posted on: Thu, 23 Oct 2014 08:28:08 +0000
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