PracticeAuditAPB issues guidance on standards

APB issues guidance on standards

The Auditing Practices Board has released draft guidance for auditors on issues surrounding the audit of companies that are applying international financial reporting standards for the first time.

‘There are still uncertainties surrounding the introduction of IFRS in 2005, not least in relation to the accounting for financial instruments,’ said Richard Fleck, APB chairman.

‘The APB plans to finalise its guidance when these matters have been resolved. It is clear, however, that the implementation of IFRS will present significant challenges to companies and their auditors. I hope that APB, by publishing draft guidance at this time, will assist companies and their auditors better understand their responsibilities and thereby ease the transition.’

The guidance is the latest in a series of bulletins published by the APB recently. It has also released interim guidance for auditors on the anti-money laundering regulations, as well as an exposure draft of an international standard on auditing on planning the audit.

Those wanting to suggest possible amendments or improvements to the guidance, to be published later in the year, are able to submit comments on the draft Bulletin before 31 October.

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