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APB announces updated auditing standards

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9th Mar 2009
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The Auditing Practices Board (APB) announced plans to update its auditing standards in order to comply with the new clarified International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB).

The move follows a consultation paper which was published by the APB in October 2008 seeking views on this proposal, and is designed to improve audit quality.

The new UK and Irish auditing standards will be effective for audits of financial statements for periods ending on or after 15 December 2010.

The IAASB recently completed a 'clarity project' to update a reformat the ISAs. The project undertaken with international regulatory support in order to improve the understandability of the ISAs and make them more compatible with regulatory frameworks, including the EC’s Statutory Audit Directive.

Several accounting bodies openly welcomed the decision, including the Association of Chartered Certified Accountants (ACCA), which said: “The clarified standards will directly help auditors by removing unnecessary jargon. Anything that makes it simpler for auditors to conduct their work must be welcome, particularly in such a challenging economic environment when they face considerable scrutiny of their work”.

The Institute of Chartered Accountants in England and Wales (ICAEW) also pledged support, saying: “We will be working to help ensure that auditors implement clarified ISAs robustly but in a manner which is proportionate to the size and complexity of the entities they are auditing, focussing on meeting the objectives of standards rather than merely ticking boxes”.

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