APB unveils new guidance on summary financial statements
The Auditing Practices Board has published updated guidance for auditors on summary financial statements.
It is contained in Bulletin 1999/6: ‘The auditors’ statement on the summary financial statement’.
This supersedes guidance which was issued in May 1991.
Commenting on the Bulletin, Ian Plaistowe, APB Chairman, said: ‘Bulletin 1999/6 provides updated guidance on the auditors’ role in the issue of summary financial statements. Summary financial statements are produced by an increasing number of listed companies.’
The APB has also withdrawn two APC Auditing Guidelines:
Auditing Guideline 303 ‘Trade unions and employers associations’; and
Auditing Guideline 407 ‘Auditing in a computer environment’.