APB announces updated auditing standards

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.

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