PracticeAuditAudited interims on the APB agenda

Audited interims on the APB agenda

Former Auditing Practices Board chairman Ian Plaistowe says the regulator is looking to crack down on misleading financial statements this year, and in particular, new regulation is likely to be introduced covering interim results.

Link: APB offers audit guidance to non-execs

Plaistowe, who was replaced as chairman of the APB by Richard Fleck at the turn of the year, said that the board wants company interim results to be subject to a mandatory review by auditors.

It is also considering producing new instructions for auditors in order to stop the release of misleading pro forma, or adjusted earnings statements.

The Financial Services Authority is currently considering rule changes for listed companies and the APB is hoping to influence the FSA to tighten up how interim statements are produced.

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