File: AP/N

Scope and Content

APC agenda papers include: project lists with updates of progress; a report from the APC International Sub-committee; the APC progress report for 1987; material relating to the APC's work on banks and insurance companies, including a letter from the Department of Trade and Industry [DTI]; draft statements from the Local Authority (Scotland) Accounts Advisory Committee [LASAAC]; material relating to the APC invitation to comment on the APC work programme; a draft revision of the Audit Commission's code of audit practice, and a draft letter of comment from the APC; various drafts of auditing guidelines on illegal acts, and fraud, irregularities and errors; drafts of a proposed auditing guideline on value for money; a draft of an APC technical release guidance note on ad hoc reporting; a memorandum on a possible review of existing guidance; an Accounting Standards Committee [ASC] exposure draft on related party transactions; and a memorandum concerning, and drafts of, the auditing guideline, 'The impact of regulations on public sector audits'.

Further agenda papers include: a draft point outline for the audit brief, Risk management for auditors; drafts of the auditing guideline,' Analytical review'; drafts of a proposed guideline on Lloyd's syndicates; 2 copies of a press release concerning an [attached] information booklet issued by the Institute of Chartered Accountants in England and Wales [ICAEW] and the Irish and Scottish chartered accountants' institutes [ICAI and ICAS], concerning investment business; a draft of the exposure draft guideline, The implications for auditors of the Financial Services Act 1986; Other agenda papers of interest include material from the APC International Sub-committee: minutes of an International Auditing Practices Committee [IAPC] meeting; a draft of an IAPC booklet, 'Understanding audits and auditor's reports'; and draft IAPC exposure drafts, 'EDP environments-database systems', 'The relationship between bank supervisors and external auditors', 'EDP environments-on line computer systems', 'Audit of small businesses', 'Basic principles governing review engagement', and the 'Framework of international auditing guidelines'.