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Article: is theory adopting practice?
- Article from:
- Accountancy SA
- Article date:
- October 1, 2004
- Author:
CopyrightCopyright South African Institute of Chartered Accountants Oct 2004. Provided by ProQuest LLC. (Hide copyright information)
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the focus shifted from auditors spending valuable time on defining and categorising existing risks, to more effectively and efficiently addressing these risks in the overall audit strategy
The world has recently been exposed to numerous examples of corporate frauds and collapses. Commentators often ask "where were the auditors?" (Clulow, 2002: 3).
Significant changes in international and local Statements of Auditing Standards should result in a vast improvement in the assessment of and response to risk by auditors. This, in turn, should result in improved audit quality and corporate governance.
This article focuses on three new and/or revised auditing standards issued in December 2003, ...