THE AUDITING PRACTICES BOARD LIMITED
The Auditing Practices Board Limited, which is part of the Financial Reporting Council, prepares for use within the United Kingdom and the Republic of Ireland:
Standards and guidance for auditing;
Standards and guidance for the work of reporting accountants in connection with investment circulars; and
Standards and guidance for auditors' and reporting accountants' integrity, objectivity and independence
with the objective of enhancing public confidence in the audit process and the quality and relevance of audit services in the public interest.
The Auditing Practices Board Limited discharges its responsibilities through a Board ("the APB") comprising individuals who are eligible for appointment as company auditors, and those who are not so eligible. Those who are eligible for appointment as company auditors may not exceed 40% of the APB by number.
Neither the Auditing Practices Board Limited nor the APB accepts any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this Bulletin or arising from any omission from it.
The purpose of Bulletins issued by the APB is to provide auditors and, where relevant, reporting accountants, with timely guidance on new and emerging issues. They are persuasive rather than prescriptive. However, they are indicative of good practice, even though they may be developed without the full process of consultation and exposure used for Auditing Standards.
This Bulletin is issued by the APB and does not constitute guidance from either the Financial Services Authority ("FSA") or the Irish Stock Exchange ("ISE"). However the APB acknowledges the advice and assistance provided by both the FSA and the ISE during the development of the Bulletin.
For accounting periods commencing on or after 1 January 2006, this Bulletin supersedes Bulletins 2004/3 and 2004/4.
For accounting periods ending on or after 31 December 2009, the guidance in paragraphs 68 to 72 of this Bulletin is superseded by the guidance in paragraphs 2 to 12 of Bulletin 2009/4.
