Revisions to ethical and auditing standards 2019

Improving audit is imperative to improving the perception, standing and credibility of the wider accountancy sector. It is important to note that whilst none of AAT’s 140,000 members undertake audit work (although some may work for auditing firms), the consistent political, media and regulatory criticisms of the sector tarnish the wider accountancy sector, with many members of the public failing to distinguish between audit and the wider accountancy profession.  

Raising standards and ethics within the accountancy profession is a key objective for AAT as a professional membership body. AAT has a charitable objective to advance public education and promote the study of the practice, theory and techniques of accountancy and the prevention of crime and promotion of the sound administration of the law.  

AAT agrees with the revised definitions, proposed measures to enhance the authority of Ethics Partners and simplification of the Ethical standard. In fact, AAT supports almost all the proposed changes although it poses several questions to highlight challenges and/or uncertainty that may need additional attention.