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

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

2d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor