File: AP/N

Scope and Content

Many of the APC agenda papers in this file consist of reports from the APC's 6 sub-committees. Reports from Sub-committee 1 [Auditors' Personal Standards] concern: auditors' independence; auditors' integrity; and auditors' performance. Reports from Sub-committee 2 [Auditors' Operational Standards] concern: financial statements; accounting systems; and audit evidence. Reports from Sub-committee 3 [Auditors' Reporting Standards] concern: reliance on other specialists; dating of the audit report and subsequent events; special reports of accountants; and qualified audit reports. Reports from Sub-committee 4 [Ad hoc Matters] concern: actuarial valuations; investments; audit of trade unions; reservation of title; a UEC [Union Europeene des Experts Comptables Economiques et Financiers] draft on foreign exchange contracts; the Friendly Societies Act 1974; and insurance companies. Reports from Sub-committee 5 [Audit Implications of Accounting Standards] concern: ED18; the Inflation Accounting Steering Group [IASG]; the application of current cost accounting to banks; group accounts; research and development; ED19; and post-balance sheet events. Reports from Sub-committee 6 [Audit Intelligence] concern the APC bulletin, True and Fair. March 1977 agenda papers include: a draft accounting standard on auditors' integrity; correspondence re legal advice on that standard; a UEC draft on going concern; and a Sub-committee 3 discussion paper on reliance on other specialists. April 1977 agenda papers include: a proposed draft auditing standard on auditors' personal standards; a draft of Sub-committee 3's discussion paper on reliance on other specialists; an APC secretariat memoranda on the necessity of statements on the auditing implications of U.K. and Irish accounting standards; a draft APC memorandum to the IASG, and other steering group papers; and the APC progress report for the year ending 31 March 1977. May 1977 agenda papers include: a draft auditing standard on audit planning and control; a letter and enclosed paper, setting out Sub-committee 1's comments on a [CCAB] statement on auditors' independence; a draft of the auditing standard, The audit report, and a report on it by Sub-committee 3; a draft of the Explanatory Foreword to auditing standards and guidelines; and a draft of the auditing statement, Guidance for auditors on the implications of goods sold subject to reservation of title. June 1977 agenda papers include: a draft revised statement of the [CCAB] Ethical Guide for members, concerning auditors' independence; drafts of the APC's comments on this draft; notes of the discussions at a meeting of the UEC Auditing Standards Board; and the report of a joint APC and ICAEW Parliamentary and Law Committee [P&LC] working party on small company audits. July 1977 agenda papers include: correspondence between Subcommittee 5 and the Accounting Standards Committee [ASC] re the latter's work on accounting for depreciation; a note from Sub-committee 5 concerning current cost accounting; a draft auditing standard on auditors' integrity; a draft UEC statement on foreign exchange contracts; a draft entitled, 'Accountants reports on profit forecasts'; a draft auditing standard 'Qualified audit reports' and a report by the chairman of Sub-committee 3 on the draft; and the APC's comments on the [CCAB] statement on independence for the Ethical Guide for members.