The UK Auditing Practices Board (APB) has
revised part of its audit standards and guidelines.

The new guidelines for Practice Note 20, which
refers to the audit of insurers, reflect the provisions of the
clarified IASs for the UK and Ireland and changes in the
legislative and regulatory framework.

The revised guidelines refer to auditing
accounting estimates, materiality, evaluation of
misstatements identified during the audit and illustrative examples
of various regulatory auditor reports.

The new guidelines apply to
audits of financial statements of insurers for periods ending on or
after 15 December 2010.