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Internal audit and corporate governance - Essay Example

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Internal audit and corporate governance

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...
Directive on statutory audit. European Commission. Retrieved on 27 January 2009. Available at http://ec.europa.eu/internal_market/auditing/directives/index_en.htm. 9
IAASB Clarity Project - Background and Current Status. The Auditing Practices Board. Retrieved on 27 January 2009. Available at http://www.frc.org.uk/apb/publications/pub1281.html 10
Morris, David. Should you care about the IAASB Clarity Project. Retrieved on 27 January 2009. Available at http://www.allbusiness.com/finance-insurance/4497620-1.html. Financial Executive. 2007. 10

Introduction:

The Auditing system in United Kingdom and the Republic of Ireland is a well controlled & governed framework as per the guidelines published by The Auditing Practices Board (APB) which is currently a part of Financial Reporting Council (FRC). Auditing Practices Board, UK is the leading organization in development of auditing practices in the United Kingdom and the Republic of Ireland. The primary objectives of APB is to establish high standards of financial auditing, assess & meet the continuously developing need of end users of the financial information and to achieve confidence of the public in the auditing process of the nation. The Financial Reporting Council (FRC) is established primarily to support the confidence of investors, the market and the general public in the financials & corporate governance of listed companies & such other entities. FRC is accountable to monitor, enforce & govern compliance to the auditing standards developed and published by APB. APB supports FRC by setting high quality standards & guidelines to achieve high performance of external audits by external auditors by virtue of their independence, objectivity and integrity. APB is also accountable to enhance the public understanding of ...Show more

Summary

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…
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Internal audit and corporate governance Essay essay example
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