PracticeAuditICAS says 2005 ISA deadline ‘unrealistic’

ICAS says 2005 ISA deadline 'unrealistic'

The full introduction of International Standards on Auditing for listed companies in the European Union by 2005 is unrealistic, according to ICAS.

Link: UK plc still unready for IAS ‘watershed’

The Scottish institute has sent a letter to internal market commissioner Frits Bolkestein in response to EC proposals, outlining concerns that many smaller audit firms will not be ready to deal with the standards if they become mandatory in 2005.

‘The institute is confident that, by 2005, ISAs could be successfully applied by larger audit firms in the audit of those companies having to prepare their accounts in accordance with International Financial Reporting Standards,’ stated the institute in the letter.

‘However, it is concerned that other audit firms might not have the resources required to undertake the system changes and training necessary to be ready to use ISAs within the same timeframe,’ ICAS added.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

2d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter