The UK Professional Oversight Board (POB) has published the
criterion that identifies the firms to be inspected by the Audit
Inspection Unit (AIU) between 1 April 2010 and 31 March 2011.
One significant change is the simplification of the definition
of UK unquoted companies, limited liability partnerships and
industrial and provident societies.
This now includes all such entities that have either a group
turnover of more than £500m ($768m) or group turnover of more than
£100m and external long term debt of more than £250m.
The audit issues the AIU will focus on most specifically in the
coming year are:
- Segmental reporting;
- Revenue recognition;
- Going concern;
- Fair value accounting estimates;
- Asset impairments; and
- Compliance with ethical standards.