AIU announces scope of work for 2008/09

The AIU will review the last completed audit, which would have likely been conducted for the financial year-end in 2007 or 2008

Written by Penny Sukhraj

Accountancy Age, 26 Mar 2008

The Audit Inspection Unit today announced the range of companies whose audit engagements it will inspect in the next year.

The list includes AIM or Plus markets companies, building societies with assets of more than £1bn, Lloyds Syndicates with an underwriting capacity in excess of £250m and Mutual Life Offices whose 'with profits' funds exceed £1bn.

The AIU will review the last completed audit, which would have likely been conducted for the financial year-end in 2007 or 2008.

If the AIU receives a request from an overseas audit regulator to review the audit of a UK entity or a UK subsidiary of an entity within that regulator’s scope, the audit of the UK entity will be deemed to be within the AIU’s scope for this purpose.

In addition, the scope of the AIU’s work at an individual audit firm may be extended by agreement with the professional accountancy body with which the firm is registered.