The Auditing Practices Board (APB) today publishes two amendments to the Ethical Standards for Auditors. These 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.
• 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 and may be downloaded free of charge from the publications section of the APB’s web site at: http://www.frc.org.uk/apb/publications/ethical.cfm. A feedback paper is also available at: http://www.frc.org.uk/apb/publications/pub2658.html.

1. The FRC is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
2. 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.
3. Media enquiries should be directed to:
   • Jonathan Labrey (Head of Communications, FRC) on 020 7492 2395 or 07760 990345, email: j.labrey@frc.org.uk; or
   • in relation to the detail of revisions to the Ethical Standards, Marek Grabowski (Executive Director, APB) on 020 7492 2325, email: m.grabowski@frc-apb.org.uk.