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The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers' Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.
Efficient laws have profound positive social, economic, political and welfare effects. This book develops a new approach to the formulation of efficient laws with an illustrative application to electronic fund transfer regulation in Australia. This approach can be applied to formulate efficient laws, irrespective of social, political and economic organizations of the country under study, which maximize social welfare of the country.
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Auditors

Great Britain: Parliament: House of Lords: Select Committee on Economic Affairs

Published: 2011-03-30

Total Pages: 76


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The Economic Affairs Committee's inquiry into Auditors: market concentration and their role aimed to look into two main issues: the dominance of the Big Four (Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers) and its effects on competition and choice; and whether traditional, statutory audit still meets today's needs. Also the Committee focussed on two other important issues: the effect on audit of the adoption of International Financial Reporting Standards (IFRS); and how banks were audited before and during the financial crisis and what changes there should be, including in auditors' relationships with financial regulators. The large-firm audit market is clearly an oligopoly with all the attendant concerns about competition, choice, quality and conflict of interest. It gave no warning of the banking crisis. The narrowness of the assurance it offers is much criticised. Its regulatory structure, in the UK and internationally, is complex and unclear. Yet investors, regulators and commentators regard rigorous and reliable external audit as an essential underpinning of business and the capital markets which finance it, in Britain and elsewhere. The assurance offered by audit is especially needed in the case of banks, with their attendant risks and where loss of confidence can imperil the financial system. The Big Four's domination of the large firm audit market in the UK is almost complete: in 2010 they audited 99 of the FTSE 100 largest listed companies, which change auditors every 48 years on average. In bank audit in the UK there is only a Big Three, since Ernst & Young are not active. This report highlights the risk that one of the Big Four might leave the audit market, leading to an even greater and wholly unacceptable degree of concentration unless preventive action were taken. The Committee makes three main recommendations: first, a detailed investigation of the large-firm audit market by the Office of Fair Trading, with a view to an inquiry by the Competition Commission so that all the interrelated issues surrounding concentration, competition and choice can be thoroughly examined in depth; that prudence should be reasserted as the guiding principle of audit; that the new framework of banking supervision should provide for bank audit to contribute more to the transparency and stability of the financial system.