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International Accounting and Reporting Issues

2015 Review

image of International Accounting and Reporting Issues
The International Accounting and Reporting Issues 2015 Review presents country case studies of Germany and the United Kingdom on the interrelated topics of compliance monitoring and enforcement mechanisms in relation to corporate reporting, auditing and regulation of professional accountants within the context of achieving high-quality corporate reporting. These country case studies are a continuation of similar studies that have already been published in the 2014 volume of this series covering Australia, Belgium and Canada. The respective case studies are contained in Chapters I and II. An analysis of the main findings of all the case studies-including the ones presented in the 2014 volume-is contained in chapter III.

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Case study of the United Kingdom

This chapter discusses compliance-monitoring and enforcement systems in the United Kingdom pertaining to corporate reporting, auditor oversight and regulation of the accountancy profession. Section A provides a brief overview of the economy and capital markets of the United Kingdom. It also describes how the accounting profession is structured in the country and summarizes the applicable accounting, auditing and other corporate reporting standards. Section B presents some key aspects of the way the United Kingdom monitors compliance with financial reporting standards, the applicable enforcement mechanisms and the types of sanctions available. It also highlights key findings and trends. Section C discusses key aspects of the way in which the United Kingdom monitors compliance with auditing standards, the applicable enforcement mechanisms and the types of sanctions available. It also highlights key findings and trends. Section D discusses how the United Kingdom monitors compliance with codes of professional conduct and other applicable membership requirements (including certification and CPD requirements), together with related enforcement mechanisms. Section E concludes.

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