PracticeAuditAudit: News in brief

Audit: News in brief

The Public Audit Forum has criticised many public bodies for not making the most of the advantages that accruals accounting can offer.

The forum has released a paper that it hopes will highlight the benefits that can be achieved through accruals accounting. Titled ‘The Whole Truth: Or Why Accruals Accounting Means Better Management’, the paper says that improved performance and financial information available to public sector managers from accruals accounting can contribute to better management and delivery of services.

The Auditing Practices Board is asking for comment from the profession on the recent issue of three exposure drafts from the International Audit and Assurance Standards Board relating to new audit standards.

The drafts relate to assessing the risk of material mis-statement, procedures in response to assessed risk and audit evidence.

The board said the proposals represent a significant change to international standards but should not represent a major change to an audit firms’ methodologies.

Those wishing to respond can contact the ASB until the 28 February, 2003.

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