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L3bAudit and assurance

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Auditing and assurance

Lecture 3b

Regulatory Accounting Bodies – UK and RoI(Hong Kong SAR, Malaysian and Singaporean institutions may

study equivalent auditing bodies of their countries)

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• 1970 ASSC (ICAEW)• 1971 ASC (5 main bodies)• 1976 ASC reconstituted as a committee of

the CCAB*• 1990 ASB replaced ASC• 2003 New ASB under the FRC

* CCAB = ACCA, CIPFA, CIMA, ICAEW, ICAI, ICAS

Accounting Standards(UK and Ireland) - History

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L3bAudit and assurance

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The Financial Reporting Council• The Auditing Practices Board (APB)

• The Accounting Standards Board (ASB)

• The Financial Reporting and review panel (FRRP)

• The Professional Oversight Board (POB)

• The Investigation and Discipline Board (IDB)

• The Board for Actuarial Standards (BAS)

The Financial Reporting Council

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L3bAudit and assurance

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The Accounting Standards Board

• ASB• UITF

Urgent Issues Task Force

• Others PSNFPC

– Public Sector & not for Profit Committee FSSIC

– Finance Sector & Specialist Industries Committee

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L3bAudit and assurance

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Accounting Standards Board

• The ASB issues:

• Discussion drafts (DD)

• Financial Reporting Exposure Drafts (FRED)

• Financial Reporting Standards (FRS)

• The ASC issued SSAP’s

• The UITF issues: • UITF Abstracts

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L3bAudit and assurance

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Worldwide - Accounting Standards

• International Accounting Standards Committee

Foundation

• International Accounting Standards Board (IASB) Trustees / independent body

Formally the IASC

• International Financial Reporting Interpretations Committee

(IFRIC) Formally the Standing Interpretations Committee (SIC)

• Standards Advisory Council

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• The IASB issues:• Issue International Financial Reporting Standards (IFRS) (Using

a process of Exposure drafts (ED’s) and Discussion papers (DP’s)

• The IASC issued International Accounting Standards (IAS)

• The IFRIC issues:• Issues ‘interpretations’

• The SIC issued ‘interpretations’ (SIC)

Worldwide - Accounting Standards

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L3bAudit and assurance

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British Isles - Major accounting bodies

• ACCA**• ICAEW**• ICAI** CCAB• ICAS** • CIMA ** RSB and

RQB

• CIPFA* *RQB

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Further information

• ASB - http://www.frc.org.uk/asb/ • CIMA -

http://www.cimaglobal.com/cps/rde/xchg/live/root.xsl/index.htm

• IASB - http://www.iasb.org/Home.htm • MASB - http://www.masb.org.my/ • Singapore ASC - http://www.asc.gov.sg/account.htm