The Auditing Practices Board (APB) has today published Bulletin 2009/2 entitled ‘Auditor’s Reports on Financial Statements in the United Kingdom’.

The purpose of this Bulletin is to provide illustrative examples of both unmodified and modified auditor’s reports on financial statements of companies incorporated in the United Kingdom for years ending on or after 5 April 2009.

The example auditor’s reports included in the Bulletin take account of:

• the applicable requirements of the Companies Act 2006, which has superseded the Companies Act 1985 and the Companies (Northern Ireland) Order 1986.
• the requirements of ISA (UK and Ireland) 700 (Revised) which was issued during March 2009 (see PN 106).

Richard Fleck, APB Chairman said:

“The implementation of the Companies Act 2006 and ISA (UK and Ireland) 700 (Revised), give rise to a number of changes of wording and structure of auditor’s reports for UK companies. This Bulletin provides example auditor’s reports that illustrate the application of the new requirements in a number of different circumstances.”

The Bulletin may be downloaded from the Publications (Bulletins) section of this website. Printed copies at a cost of £8.00, will be available on 7 May 2009 from: FRC Publications, 145 London Road. Kingston upon Thames, Surrey KT2 6SR. Telephone: 020 8247 1264. E-mail: customer.services@cch.co.uk. Website: www.frcpublications.com.  
 

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The APB is committed to leading the development of auditing practice in the United Kingdom and the Republic of Ireland so as to:
   • establish high standards of auditing;
   • meet the developing needs of users of financial information; and
   • ensure public confidence in the auditing process.
3. The APB issues Bulletins to provide auditors with timely guidance on new and emerging issues. They are persuasive rather than prescriptive. However, they are indicative of good practice even though they may be developed without the full process of consultation and exposure used for Auditing Standards.
4. For UK companies issuing financial statements for periods commencing on or after 6 April 2008 and ending before 5 April 2009 guidance on the wording of auditor’s reports is provided by Bulletin 2008/8 ‘Auditor’s Reports for Short Accounting Periods in Compliance with the United Kingdom Companies Act 2006’.
5. This Bulletin supersedes Bulletin 2006/6.
6. All press enquiries should be directed to: Jon Grant on 020 7492 2410.