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APB issues new clarified ISAs
Following a consultation launched earlier in 2009, the Auditing Practices Board issued:
- 33 new International Standards on Auditing (UK and Ireland) (ISAs (UK and Ireland));
- A new International Standard on Quality Control (UK and Ireland) 1 (ISQC (UK and Ireland) 1); and
- A revised Statement of the Scope and Authority of APB Pronouncements
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. For audits of accounting periods ending before that date the existing standards continue to apply.
The new standards are in a different format from the existing ISAs (UK and Ireland) and contain some new requirements and guidance. The APB has published a paper that summarises the main changes to the existing standards.
The new standards, the revised Statement of the Scope and Authority of APB Pronouncements, and the APB staff paper explaining the main changes, can be downloaded, free of charge, from the publications section of the APB’s website.