Definition
The Auditing Practices Committee (APC) was established in 1976 as a committee of the Consultative Committee of Accountancy Bodies (CCAB). Its primary role was to develop and issue auditing standards and guidelines to enhance the quality and consistency of auditing practices. Between 1980 and 1991, the APC was responsible for issuing three auditing standards and 38 auditing guidelines. The APC was replaced by the Auditing Practices Board (APB) in 1991.
Examples
- Example 1: Issuance of Auditing Standards: The APC issued specific auditing standards that auditors had to adhere to during their engagements, ensuring uniform practices across the accounting profession.
- Example 2: Development of Auditing Guidelines: The APC developed detailed guidelines to help auditors understand and implement the auditing standards in diverse and complex scenarios.
Frequently Asked Questions
What was the main purpose of the Auditing Practices Committee (APC)?
The main purpose of the APC was to develop and issue auditing standards and guidelines, thereby improving the quality and consistency of audit practices across the accounting profession.
How many auditing standards did the APC issue?
The APC issued three auditing standards from its inception in 1976 until it was replaced in 1991.
What happened to the APC in 1991?
In 1991, the APC was replaced by the Auditing Practices Board (APB), which continued the task of setting auditing standards and guidelines.
Which organizations were members of the Consultative Committee of Accountancy Bodies?
The Consultative Committee of Accountancy Bodies (CCAB) comprised several professional accounting bodies in the UK, including the Institute of Chartered Accountants in England and Wales (ICAEW), the Association of Chartered Certified Accountants (ACCA), and others.
How many auditing guidelines were issued by the APC?
The APC issued a total of 38 auditing guidelines during its period of operation from 1976 to 1991.
Related Terms with Definitions
- Auditing Standards: Rules and guidelines designed to improve the accuracy and consistency of audits, ensuring that auditors adhere to uniform practices.
- Auditing Practices Board (APB): The successor to the APC, established in 1991 to continue overseeing the issuance of auditing standards and guidelines.
- Consultative Committee of Accountancy Bodies (CCAB): A group of professional accounting bodies in the UK responsible for coordinating the activities of its member organizations, including setting auditing standards through committees like the APC.
Online References
- ICAS - UK Auditing Standards
- IFAC - Auditing Standards
- FRC - Information about the Auditing Practices Board
Suggested Books for Further Studies
- “Principles of Auditing & Other Assurance Services” by Ray Whittington and Kurt Pany.
- “Auditing and Assurance Services” by Alvin A. Arens, Randal J. Elder, and Mark S. Beasley.
- “Modern Auditing” by William C. Boynton and Raymond N. Johnson.
Accounting Basics: “Auditing Practices Committee (APC)” Fundamentals Quiz
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