Circular 5 / 2008 – Adoption of International Auditing Practice Statements (IAPSs)

In order to be fully compliant with all the pronouncements of IAASB, the Council on the recommendation of the Professional Standards and Technical Advisory Committee in its 196th meeting held on May 6, 2008 has decided to adopt all the International Auditing Practice Statements (IAPSs) issued by IAASB of IFAC:

􀂾 IAPS 1000 – Inter Bank Confirmation Procedures
􀂾 IAPS 1004 – The Relationship Between Banking Supervisors and Bank’s External Auditors
􀂾 IAPS 1005 – The Special Considerations in the Audit of Small Entities
􀂾 IAPS 1006 – Audits of Financial Statements of Banks
􀂾 IAPS 1010 – The Consideration of Environmental Matters in the Audit of Financial Statements
􀂾 IAPS 1012 – Auditing Derivative Financial Instruments
􀂾 IAPS 1013 – Electronic Commerce – Effect on the Audit of Financial Statements
􀂾 IAPS 1014 -Reporting By Auditors on Compliance with International Financial Reporting Standards

IAPSs are issued to provide interpretive guidance and practical assistance to professional accountants in implementing ISAs and to promote good practice.

The above statements are available in the ‘Handbook of International Auditing and Assurance Pronouncements and Code of Ethics for Chartered Accountants’ published by the Institute.

Further All IAPSs can also be downloaded from ICAP website using the following link:

http://www.icap.org.pk/userfiles/file/IAPS1000toIAPs1014.pdf