Audit - News in brief.
The Auditing Practices Board is to issue a consultation document called ‘Aggressive Earnings Management’ designed to alert auditors, executive directors, regulators and the users of financial statements to the dangers of the phenomenon.
As the economy has shown signs of a downturn the APB is keen to warn against the potential threat from commercial and economic pressures to cause ‘aggressive earnings management’. The document will be published on 25 June along with a revised standard, SAS 610 or Communication of audit matters with those charged with governance.
Keep an eye on www.apb.org.uk.