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Auditing and assurance

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). Accounting Standards (UK and Ireland) - History. 1970 ASSC (ICAEW) 1971 ASC (5 main bodies)

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Auditing and assurance

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  1. 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)

  2. Accounting Standards(UK and Ireland) - History • 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

  3. The Financial Reporting Council 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)

  4. The Accounting Standards Board • ASB • UITF • Urgent Issues Task Force • Others • PSNFPC • Public Sector & not for Profit Committee • FSSIC • Finance Sector & Specialist Industries Committee

  5. 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

  6. 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

  7. Worldwide - Accounting Standards • 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)

  8. British Isles - Major accounting bodies • ACCA** • ICAEW** • ICAI**CCAB • ICAS** • CIMA ** RSB andRQB • CIPFA**RQB

  9. 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

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