Recent press releases and news

New Clarified ISAs are an opportunity to improve audit quality

As the Auditing Practices Board (APB) updates UK and Irish auditing standards for the new, clarified International Standards on Auditing (ISAs) the ICAEW sees this move as an opportunity to improve audit quality.

APB issues Practice Note 26 (Revised)

It has been updated to reflect the new ISAs (UK and Ireland) that apply to audits of accounting periods ending on or after 15 December 2010.

APB issues new ISAs (UK and Ireland)

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.

Read ICAEW press release

Applying ISAs proportionately with the size and complexity of an entity

IAASB staff have issued this publication to assist auditors in implementing the clarified ISAs. It is particularly relevant to those who audit small and medium-sized entities.

APB issues exposure draft of a revision to Practice Note 26 

In addition to updating the existing material, new examples have been added to illustrate the impact on audit documentation of some of the changes in the proposed ISAs (UK and Ireland).

EC consults on adoption of international standards for audit of EU companies

The European commission has launched a public consultation to determine whether ISAs should be adopted in the EU.

FEE issues policy statement on ISAs

It is designed to explain the background to the development of IAASB ISAs, and reflect the views of the International Federation of Accountants (IFAC), IAASB and FEE on implementation of ISAs. 

APB issues draft clarified ISAs and proposes a reduction in UK audit 'pluses'

The APB has published proposals on clarified ISAs (UK and Ireland), which highlight a significant reduction in the number of 'audit quality supplementary requirements and 'guidances' or 'UK pluses'.

Read ICAEW press release 

APB adopts clarified ISAs

The APB has announced its intention to update its auditing standards for the new, clarified, ISAs issued by the IAASB. The new UK and Irish standards will be effective for audits of financial statements for periods ending on or after 15 December 2010.

Read ICAEW press release 

Updating UK and Irish Auditing Standards for Clarified ISAs

The APB has consulted on when and how to update the ISAs in the UK. An ICAEW/APB consultation event was held at Chartered Accountants' Hall, London on 1 December 2008.

ICAEW press release