The Auditing Practices Board (APB) updated its Ethical Standards for Auditors (ESs) in 2008. When revising the ESs, APB identified a small number of issues where further work and dialogue was needed. This has now been undertaken and, as a result, APB is consulting on further proposed amendments to its standards on topics that include:
- the rotation period for audit engagement partners on listed company audits
- remuneration and evaluation policies for key partners involved in the audits
- the provision of non-audit services relating to securitisation and restructuring services
- the provision of direct assistance to the audit team by internal auditors, and
- the definition of an audited entity's 'affiliates'
The APB's work in relation to the rotation period for audit engagement partners on listed company audits has involved a number of discussions with interested parties and this has confirmed that the relevant arguments on the issue remain finely balanced. It will therefore be important that commentators from a diverse range of stakeholder groups respond to this consultation.
Click here for the consultation. The consultation period ends on the 15th June 2009.