APB seeks comment on new auditing standard
The Auditing Practices Board has put out for comment a proposed new International Standard on Auditing which, when finalised, will replace Statement of Auditing Standards.
Link: APB issues guide for local government auditors
The proposed ISA (UK and Ireland) 300 revises the standards and guidance on planning the audit to align them with the proposed new audit risk model that is integrated into the other proposed ISAs (UK and Ireland) and is based on exposure drafts issued in June.
Letters of comment on this exposure draft should reach the APB by no later than 15 October 2004.
When the June exposure drafts were issued, Richard Fleck, chairman of APB, commented:
‘International standards are in the process of being significantly strengthened and several key ISAs relating to audit risk, fraud and quality control have recently been revised.
‘The APB has contributed substantially to this work and believes that it results in improved standards for all audits which should be applied with the minimum delay.
‘The adoption of the ISAs by the APB will enable audits in the UK and Ireland to benefit efficiently from these improvements and helps maintain the stature of UK and Irish auditing standards internationally.’