ACCA (the Association of Chartered Accountants) welcomes the opportunity to comment on Practice Note 10 (1). Overall, we support this Practice Note and agree that the changes will not significantly increase audit costs. However, there will be some cost implications relating to raising auditor and auditee awareness on the implications of the Practice Note and any supplementary guidance and/or changes to procedures required. It is difficult to quantify these costs, but the APB must recognise that the application of the guidance is not totally without cost.
