Auditing practices get timely overhaul

AUDITING PRACTICE guidelines have received a makeover, shortly before the House of Lords issues its proclamation on the role of auditors in the banking crisis.

The Auditing Practices Board has revised the rules governing the audit of banks and building societies, focusing on accounting estimates and impairment provisions.

Extra guidance on bilateral meetings between auditors and the FSA has been offered by the APB. Chairman Richard Fleck said the time is “opportune” to polish up the guidance on areas “that were identified as being of particular interest in the credit crisis”.

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