Audit Standards – APB calls for greater effort

Audit Standards - APB calls for greater effort

The Auditing Practices Board has called for greater efforts to harmonise worldwide auditing standards, including radical reforms of the international standards-setting body.

APB chairman Ian Plaistowe this week said the International Auditing Practices Committee – which comprises auditors from 14 countries – should open up its membership to non-accountants.

He also argued that a reformed IAPC should step up its efforts to harmonise standards across the world as business becomes more global.

Speaking after publication of the APB annual review of activities, Plaistowe said: ‘One of the most difficult problems is whether international firms can report using international standards if they are not applicable through the legal framework of individual countries.’

He also pointed out that the European Commission was taking a greater interest in the standards.

Expanding IAPC membership to include financial report users and regulators, he added, would mean they stood more chance of meeting the expectations of all parties involved.

Frank Harding, president of the International Federation of Accountants, of which IAPC is part, said proposals to open up membership to non-auditors would be discussed in forthcoming meetings.

Plaistowe expressed support of the UK government’s plans to make the APB independent. ‘I hope the framework will be finalised in 1999 and look forward to a more independent APB,’ he said.

Opinion, page 16.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource