UK: APB issues new ISAs (UK and Ireland)

Yesterday the Auditing Practices Board issued 33 new International Standards on Auditing (UK and Ireland), a new International Standard on Quality Control (UK and Ireland) 1 and a revised statement of the scope and authority of APB pronouncements.

The new standards, which incorporate the clarified international standards issued by the International Auditing and Assurance Standards Board, replace the existing ISAs (UK and Ireland) and ISQC (UK and Ireland) 1 and apply to audits of financial statements for periods ending on or after 15 December 2010 (the existing standards continue to apply to accounting periods ending before this date). The new standards adopt a different format from the existing ISAs and contain some new requirements and guidance. A summary of the main changes is available here (pdf).