“Never before has it been so challenging to stay current.”
I’m sure that’s a sentiment you can understand; but with respect to accounting, it’s especially crucial.
In one recent case (link above), featuring the sort of procedural breaches that I presume make accountants cringe and the type of language that only accountants can understand, a chartered accountants firm was rebuked for its failings in an audit of a public company. A shareholder noticed something strange, and the irregularities led to an investigation by the Professional Conduct Enquiry Committee of the Institute of Chartered Accountants of British Columbia.
What does this mean for you? Well, for one, if you or your accountants don’t have the required up-to-date knowledge to prepare and audit your financials, you might find yourself in legal trouble. For another, financial reporting failures can damage more than just your immediate finances; your reputation with shareholders and the public is at stake too.
Adam Gorley
First Reference Internal Controls, Human Resources and Compliance Editor
Adam Gorley
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