APB issues Exposure Drafts of proposed new and revised Auditing Standards

The APB issued for public comment two proposed International Standards on Auditing (UK and Ireland):

ISA (UK and Ireland) 700 (Revised) “The Independent Auditor’s Report on a Complete Set of General Purpose Financial Standards”

ISA (UK and Ireland) 701 “The Independent Auditor’s Report on Other Historical Financial Information”

The APB also issued today for public comment the International Auditing and Assurance Standards Board’s proposed new International Standard on Auditing 800 “The Independent Auditor’s Report on Summary Financial Statements”.

Comments on the exposure drafts are requested by 3 October 2005.

Proposed ISA (UK and Ireland) 700 (Revised)
The exposure draft of ISA (UK and Ireland) 700 (Revised) adopts the text of ISA 700 (Revised) which was issued by the IAASB in December 2004. The primary aim of the revision to ISA 700, by the IAASB, was to increase the consistency of auditors’ reports on an international basis. Finalisation of the revision of ISA (UK and Ireland) 700 in line with the exposure draft would result in presentational changes to the form of the auditor’s report, including:

See full Press Release and access to documents.