Auditing and Assurance Standards and Guidance

The Bulletin was revised in February 2011 to update the illustrative examples to reflect the requirements of the version of ISA (UK and Ireland) 700 that was issued in February 2011 and which is effective for periods ending on or after 23 March 2011

In March 2012 the illustrative examples 21 and 22 relating to friendly societies were updated to reflect a change in the title of what is now the "Annotated UK Corporate Governance Code" and examples 29, 30, 31, 32, 33, 34, 35 and 36 were updated to reflect changes to charity law.

Some examples in Bulletin 2010/2 have been updated by FRC Bulletin 4.

THE AUDITING PRACTICES BOARD

The Auditing Practices Board (APB), which is part of the Financial Reporting Council (FRC), prepares for use within the United Kingdom and the Republic of Ireland:

    Standards and guidance for auditing;

    Standards and guidance for reviews of interim financial information performed by the auditor of the entity;

    Standards and guidance for the work of reporting accountants in connection with investment circulars; and

    Standards and guidance for auditor's and reporting accountant's 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 APB comprises individuals who are not eligible for appointment as company auditors, as well as those who are so eligible. Those who are eligible for appointment as company auditors may not exceed 40% of the APB by number.

Neither the APB nor the FRC 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.