APB publishes Exposure Draft of a revision of SIR 2000 to reflect the introduction of the clarified ISAs (UK and Ireland)
News types: Consultation Announcement
Published: 23 September 2010
APB PN 131
The Auditing Practices Board (APB) today issued a consultation paper on a proposed revision of SIR 2000 'Investment reporting standards applicable to public reporting engagements on historical financial information'. The consultation period ends on 26 November 2010.
Where a reporting accountant intends to use the work of an auditor, SIR 2000 usually requires that the procedures of the auditor and the reporting accountant should meet the requirements of ISAs (UK and Ireland).
Richard Fleck, Chairman of the APB and a director of the FRC commented:
The Auditing Practices Board (APB) today issued a consultation paper on a proposed revision of SIR 2000 'Investment reporting standards applicable to public reporting engagements on historical financial information'. The consultation period ends on 26 November 2010.
Where a reporting accountant intends to use the work of an auditor, SIR 2000 usually requires that the procedures of the auditor and the reporting accountant should meet the requirements of ISAs (UK and Ireland).
Richard Fleck, Chairman of the APB and a director of the FRC commented:
“The Exposure Draft updates SIR 2000 to reflect the requirements of the clarified ISAs (UK and Ireland) that come into force with effect for periods ending on or after 15 December 2010.”
The proposed revisions to SIR 2000 would be effective for reports signed after 31 December 2010.
Notes to Editors
- The FRC is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. 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 FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
- The APB is committed to leading the development of auditing practices 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.
- As the proposed changes to SIR 2000 are not substantive in nature APB is proposing an exposure period of 2 months.
Document created under a former FRC operating body.