APB offers audit guidance to non-execs
Auditing standards setter, the Auditing Practices Board, has published a briefing paper aimed at informing non-executive directors of new auditing standards.
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Under a revision to Statement of Auditing Standards 610 published last year, auditors are now required to communicate certain matters to audit committees.
These new standards came into effect for financial periods commencing on or after 23 December 2001 – the briefing is an update to an earlier paper published in June 1998.
The APB said the paper, Effective communication between audit committees and external auditors, did not mean to anticipate final recommendations from the current review of NEDs, undertaken by Derek Higgs.
The paper will be updated or added to take into account future developments when they occur.
APB chairman Ian Plaistowe said: ‘Both auditors and audit committees are vital ingredients in helping ensure the high quality of published financial information. They can both benefit from working closely together.’
Copies of the briefing are available from Croner CCH on 0870 777 2966.