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APB issues guidance on auditors’ reports

1 Dec 08

The Auditing Practices Board (APB) has issued bulletin offering guidance on reports by auditors required by the UK Companies Act 2006

It also covers statements required to be made by a statutory auditor (or a person who is eligible to be appointed as statutory auditor) under the Act that are not dealt with in other APB bulletins

The bulletin addresses the following reports:

• Statement by an auditor on ceasing to hold office;

• Statement on a company’s ability to make a distribution where the auditor’s report was qualified;

• Auditor’s statement with respect to net assets when a private company re-registers as a public company;

• Report when a private company redeems or purchases its own shares out of capital;

• Report when a public company allots shares otherwise than for cash; and

• Report when non-cash assets are transferred to a public company by certain of its members.

Richard Fleck, chairman of the APB commented: “The law in relation to a number of these miscellaneous reports is relatively complex.

“The APB hopes that by updating its guidance, it will help auditors meet the challenge of understanding the implications for their work of the Companies Act 2006.”

Bulletin 2008/9 Miscellaneous Reports by Auditors Required by the United Kingdom Companies Act 2006 can be downloaded, free, from the Bulletins section of the APB’s website.

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