APB consults on amendments to Ethical Standards
News types: Consultation Announcement
Published: 7 November 2011
APB PN 155
The Auditing Practices Board (APB) today publishes a short consultation document covering two amendments to the Ethical Standards for Auditors (PDF). 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. 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. This avoids breaching the principle that changes should not be retrospective but brings such arrangements to an end at a future date.
- Amending 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.
Notes to Editors
- The FRC is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
- 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.
- Document created under a former FRC operating body.