The Auditing Practices Board (APB) today issued the following four Bulletins:

• 2008/3 ‘The auditor’s statement on the summary financial statement in the United Kingdom’.
• 2008/4 ‘The special auditor’s report on abbreviated accounts in the United Kingdom’.
• 2008/5 ‘Auditor’s reports on revised accounts and reports, in the United Kingdom’.
• 2008/6 ‘The “Senior Statutory Auditor” under the United Kingdom Companies Act 2006’.

The majority of the accounting and auditing requirements of the Companies Act 2006 came into force for periods commencing on or after 6 April 2008. These requirements include various Regulations which specify the detailed requirements of auditors with respect to Summary Financial Statements, Abbreviated Accounts and Revised Accounts and Reports. Three of the Bulletins provide up to date guidance on these aspects of the Companies Act 2006.

The Companies Act 2006 requires that the auditor’s report should be signed by the ‘senior statutory auditor’ in his or her own name. This is a new requirement and Bulletin 2008/6 provides guidance with respect to the meaning of the term ‘senior statutory auditor’.

Richard Fleck, Chairman of APB commented:

“One of the challenges for auditors over the next year will be to understand the implications for their work of the requirements of the Companies Act 2006. The APB hopes that by updating its guidance in these three areas and by providing guidance on the meaning of “senior statutory auditor” we will have assisted auditors in meeting this challenge.

In December 2007 the APB issued a discussion paper “The Auditor’s Report: A Time for Change?” which, amongst other things, sets out possible changes to the auditor’s report to respond to new requirements in the Companies Act 2006. The APB is presently analysing responses it has received on this paper and will issue further guidance concerning the wording of the auditor’s report in due course.”

These Bulletins can be downloaded, free of charge, from the Bulletins section of the APB’s website (http://www.frc.org.uk/apb/publications/) Printed copies are available (£6 for Bulletins 2008/3 and 2008/4, £6.50 for Bulletin 2008/5 and £3.00 for Bulletin 2008/6) from:

FRC Publications
145 London Road
Kingston upon Thames
Surrey KT2 6SR

Telephone: 020 8247 1264
Fax: 020 8247 1124
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1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the Committee on Corporate Governance.
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 the auditing process.
3. All press enquiries should be directed to Jon Grant on Tel: 020 7492 2410.