PracticeConsultingStandards – APB and ASB issue prelim guidelines

Standards - APB and ASB issue prelim guidelines

The drive to persuade companies to issue their preliminary results within 60 days of their year-end was given fresh impetus last week with the publication of new guidance for auditors.

In a bulletin, the Auditing Practices Board endorsed the 60-day target and set out criteria by which auditors could decide when an audit was sufficiently advanced to enable them to agree a preliminary announcement.

It followed guidance earlier in the week from the Accounting Standards Board which set out the 60-day target.

ASB chairman Sir David Tweedie said: ‘The market moves on prelims. We’re talking about nothing that changes the numbers, but have been working with the APB to define the point at which the results are substantially complete.’

The APB advice clarifies for the first time the responsibilities of the auditor, providing a four-point check-list which must be satisfied before preliminary results can be agreed.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer