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Internal audit and corporate governance - Essay Example
It was a smart thought & move by the APB to engage closely with the IAASB to support their "Clarity Project". APB anticipated that at some stage the statutory audit directives of European Council shall adopt the outcome of the "Clarity Project" of IAASB which would finally be implied upon the Government of UK to adopt by modifying existing laws or introducing new laws…
By doing so, APB completely fine-tuned their thought process towards the expected outcomes of the IAASB clarity project such that they can influence the outcomes of the project to ensure that they are in the interest of United Kingdom & Republic of Ireland. In this context they are also issuing proactive consultation papers to the Government of UK such that the country can be prepared for the forthcoming changes much in advance. This will ensure faster & cost effective implementation of European Council directives post completion of IAASB clarity project and adoption of the new standards by the entire Europe. This process shall not only enable the branding of APB as an active contributor to evolution of global best practices (which has always been the Key Result Area of United Kingdom - given that British Standards Institution is the founder member of ISO and the majority of ISO standards popular globally are originally designed by BSI) in the area of auditing but also will demonstrate the commitment of United Kingdom towards adoption of standards that are evolving globally. [Morris, David. 2007; http://www.frc.org.uk/apb/publications/pub1281.html] 8
The Auditing system in United Kingdom and the Republic of Irela ...