APB PN 116
The Auditing Practices Board (APB) of the FRC has today produced new guidance for auditors on their responsibilities in reviewing a listed company’s statement as to whether the business is a going concern and in reviewing Corporate Governance Statements required by the FSA under its Disclosure and Transparency Rules.
Richard Fleck, Chairman of the APB and a director of the FRC said,
“The FRC issued new fuller guidance for directors on going concern earlier this year in response to the credit crisis. This new guidance for auditors clarifies their responsibilities in reviewing whether the directors’ statements on going concern in their Annual Reports are consistent with the FRC guidance for directors.”
See full Press Release.
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