International


The International Federation of Accountants establishes the International Auditing and Assurance Standards Board ( www.ifac.org/IAASB ) to replace the International Auditing Practices Committee. The new body provides guidance on audit and assurance functions and works to improve uniformity of practice throughout the world. In one of its first actions, the IAASB releases a practice statement, Electronic Commerce—Effect on the Audit of Financial Statements, that helps auditors apply three international standards on auditing: ISA 300, Planning ; 310, Knowledge of the Business ; and 400, Risk Assessments and Internal Controls.

The European Federation of Accountants (FEE) releases a discussion paper on enforcement of high-quality financial reporting in Europe ( www.fee.be/secretariat/Pressreleases.htm ). The study examines compliance issues central to European Union companies’ implementation of international financial reporting standards by 2005, as its members had agreed in 2000. It calls for EU member states to review their accounting standards enforcement policies and establish a joint enforcement commission to ensure consistency.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

Pronoun practice to help polish your prose

Using pronouns correctly in writing and speech can help you make a good impression. Try our 10-question quiz.