APB Consults on Amendments to Ethical Standards
The Auditing Practices Board (APB) has published a short Consultation draft amendments ethical standards – Nov 111 that covers two amendments to the Ethical Standards for Auditors.
The APB proposes to extend 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.
Revisions to the APB Ethical Standards for Auditors were published in December 2010 following an extensive consultation on the provision of non-audit services by auditors.
The APB said this amendment addresses those situations where the majority of the work has been undertaken but the outcome is dependent on a decision that may not be made for some years.
Accordingly, this avoids breaching the principle that changes should not be retrospective but brings such arrangements to an end at a future date.
The amendments also cover Appendix 1 in ES 1 to provide a simplified illustrative template for communicating information on audit and non-audit services in order to reflect amended regulations on auditor remuneration disclosures.
The comment period ends on 7 December 2011.
The APB would prefer to receive letters of comment in electronic form. These may be sent by e-mail to firstname.lastname@example.org.
All comments will be regarded as being on the public record and will be published on the APB’s website within seven days of receipt, unless you specifically request that your response be treated as confidential.