Ethical standard for accountants published

News Article - 01 November 2006
Category:

A new Ethical Standard for Reporting Accountants (ESRA) has been issued by the Auditing Practices Board (APB).

Published alongside the ESRA is a feedback paper which has been compiled as a response to comments on the exposure draft which was circulated in January of this year.

The board has also published new standards for investment reporting which aim to aid the implementation of the European Union's Prospectus Directive.

Papers and proposals have been issued in a bid to closely align independence standards concerning investment and audit circular reporting engagements, as well as "enhancing public confidence in the audit process", it states

Richard Fleck, chairman of APB, said: "The APB has sought to respond to comments received on the exposure draft through careful consideration and further consultation as noted in the feedback paper.

"I believe that the final standard provides a high level of assurance as to the objectivity and independence of the reporting accountant, while at the same time providing a practical approach for market participants and accountancy firms."

Following the implementation of a new accounting standard, a survey found that firms increased their research and development budgets by 13 per cent last year, financialdirector.co.uk reports.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »