Aims
The Auditing Practices Board contributes to the achievement of the Financial Reporting Council's fundamental aim of supporting investor, market and public confidence in the financial and governance stewardship of listed and other entities by pursuing its own aims of setting high quality standards and guidance:
- for the performance of external audit and other activities undertaken by accountants that result in reports or other output that is published, required by law or otherwise relied upon in the operation of the financial markets ('assurance services'); and
- in relation to the independence, objectivity and integrity of external auditors and the providers of assurance services.
Objectives
The Board intends to achieve its aims by
- Establishing Auditing Standards which set out the basic principles and essential procedures with which external auditors in the United Kingdom and the Republic of Ireland are required to comply;
- Issuing guidance on the application of Auditing Standards in particular circumstances and industries and timely guidance on new and emerging issues;
- Establishing Standards and related guidance for accountants providing assurance services;
- Establishing Ethical Standards in relation to the independence, objectivity and integrity of external auditors and those providing assurance services;
- Taking an appropriate role in the development of statutes, regulations and accounting standards which affect the conduct of auditing and assurance services, both domestically and internationally
- Contributing to efforts to advance public understanding of the roles and responsibilities of external auditors and the providers of assurance services including the sponsorship of research.
