| Oversight Board issues confidentiality update |
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| Written by Adrie van der Luijt | |
| Wednesday, 09 April 2008 | |
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The Professional Oversight Board has published the updated operating procedures of its audit inspection unit (AIU) for maintaining the confidentiality of information it obtains from audit firms for the purposes of its inspections.
The AIU’s operating procedures for maintaining confidentiality have been updated to reflect changes to legal and regulatory requirements under the Companies Act 2006 and the Audit Regulations of the Institutes of Chartered Accountants in the UK and Ireland and the changes to the AIU’s reporting arrangements announced by the Board in December 2007 after extensive consultation with stakeholders. The updated procedures apply with immediate effect. Sir John Bourn, Chairman of the Oversight Board, part of the Financial Reporting Council, said that the board had approved the updated confidentiality procedures for issue in final form on the basis that there are no changes of substance to the November 2006 version requiring further consultation with stakeholders. “Any comments received from interested parties will, however, be taken into account when the procedures are next reviewed by the board,” he added. Related links |
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