Amendments to Ethical Standards Finalized
The Auditing Practices Board (APB) has published two amendments to the Ethical Standards for Auditors.
These amendments involve extending until 31 December 2014 the transitional arrangement for tax services provided on a contingency fee basis where contracts were entered into prior to 31 December 2010, and amending the appendix in Ethical Standard 1 to provide a simplified illustrative template for communicating information on audit and non-audit services to those charged with governance which reflects amended UK regulations on auditor remuneration disclosures.
Revised versions of Ethical Standards 1 and 5 have immediate effect.
The APB is committed to leading the development of auditing practice in the United Kingdom and the Republic of Ireland so as to establish high standards of auditing; meet the developing needs of users of financial information; and ensure public confidence in auditing.