ICAI responds to new auditing guidelines
The Institute of Chartered Accountants in Ireland (ICAI) has given a cautious welcome to the publication by the Auditing Practice Board (APB) of their Ethical Standards for Auditors with their exemptions for the audit of SME’s entitled "Provisions for Smaller Entities".
ICAI President, Terence O’Rourke said: “ICAI has campaigned with other professional bodies over the last few months to improve the initial standards published by the APB. We welcome the fact that the standards as published now represent a considerable improvement on the original drafts.
"However, concerns remain about the development of auditing standards for the capital markets and then seeking to apply those standards, with modification, to the SME sector."
