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UK auditing board will adopt International Standards on Auditing

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07 May 2004

The United Kingdom Auditing Practices Board is proposing to adopt the "complete suite" of International Standards of Auditing (ISAs) issued by the International Auditing and Assurance Standards Board.

The APB notes that "in the aftermath of accounting and auditing failures in the US and Continental Europe, securities regulators and governments have recognised the value of harmonised auditing standards. In particular the European Commission is in the process of introducing an amended Directive on the statutory audit that will, in all probability, require the adoption of ISAs by all Member States." Link to the APB Announcement.

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