UK: APB announces major update of auditing standards

The Auditing Practices Board has announced that it will be updating its auditing standards in line with the new International Standards on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) as part of its Clarity Project. The new UK and Irish standards will be effective for audits of financial statements for periods ending on or after 15 December 2010. The APB proposes, before the end of April, to issue an exposure draft containing a complete set of its proposed new standards. These will be subject to a three month consultation period with the aim of publishing final standards in the autumn.

The APB consulted on its plans in October 2008: see its consultation paper here and responses here.