The APB this week issued:
- 33 new International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland));
- A new International Standard on Quality Control (UK and Ireland) 1 (ISQC (UK and Ireland) 1); and
- A revised Statement of the Scope and Authority of APB Pronouncements.
The new standards replace the existing ISAs (UK and Ireland) and ISQC (UK and Ireland) 1 and apply to audits of financial statements for periods ending on or after 15 December 2010. For audits of accounting periods ending before that date the existing standards continue to apply.
The new standards are in a different format from the existing ISAs (UK and Ireland) and contain some new requirements and guidance. The APB staff have prepared a paper that summarises the main changes to the existing standards.
Richard Fleck, Chairman of APB, commented:
"The new international auditing standards that underlie the new ISAs (UK and Ireland) have been developed with significant input from regulators and stakeholders and are more rigorous and clearer than existing auditing standards in any country. The APB has concluded, after consultation, that the international standards are fit for purpose in the UK and Ireland and should be applied as soon as practicable. The APB hopes that these standards will be mandated for use within the European Union in the near future."