Commenting on the consultation launched by the APB on the clarity project, Gerry Murphy, chair of the ICAEW’s Audit and Assurance Faculty said:-
"The adoption of a single set of international standards for auditing will help improve the ability of businesses whatever their size to trade and function in the global economy.
"We are concerned about the additional costs and burdens that these standards may place on smaller businesses, especially given the current economic climate. We need to find ways to help minimise these costs. Training and software providers will be critical in doing this. They need to work with the profession to help ensure that the clarified ISAs can be implemented robustly but in manner which is proportionate to the size and complexity of the entities being audited.
"We look forward to working closely with the APB to ensure that the voices of all those who have an interest in this area are heard."
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