CCAB says the APB’s plans will lead to small and medium sized businesses facing higher costs for professional services.
The committee is also concerned that the APB has seriously underestimated the impact of these proposals on smaller companies.
The main objective of the APB’s proposed ethical standards for auditors aims to ensure that they are independent of the companies they audit by adhering to a set of principles and a number of detailed rules.
Neil Lerner, chairman of the CCAB Ethics Group, said: ‘These proposals are to be welcomed in the case of listed companies. However, the APB standards are proposed to be applied to all audits regardless of the size of the company audited. Auditors of many small and medium sized entities will find themselves having to react to checks and balances designed to operate in the context of larger audit firms and big companies.’
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester