Both Cicero Ltd (from Chapter 4) and Mainbrace Ltd (from Chapter 3) have realized that things cannot go on as they are. They have approached audit firm Tickitt & Run who have agreed to act and are currently setting up a meeting with each company to explain the legal and audit situation.

Discussion

– What will be the key points Tickitt & Run will have to explain to them about auditing standards?
– How will Financial Reporting Standards, broadly, affect these businesses?
– How would you go about explaining to entrepreneurial management the need for all these auditing and accounting rules?