The move follows calls from the profession to clear up auditors' responsibility for the burgeoning statements that now include a range of information. Practitioners are worried those reading the accounts believe auditors sign off all the information inside, not just a balance sheet and profit-and-loss account. The revised SAS 160 provides guidance on the nature of the requirement to read other information and who should read it. It also provides details on the remedies at auditors' disposal should they identify mis-statements or inconsistency. The document is intended to establish standards and provide guidance on auditors' consideration of other information in documents that contain audited financial statements. Other information could include directors' reports, a chairman's statement or selected quarterly data. Ian Plaistowe, APB chairman, said: 'The extent of other information included with the audited financial statements in company annual reports has been growing in recent years, and it is therefore very important that auditors understand their responsibilities for this information and that this is communicated appropriately to the users of the annual report.' SAS 160, in its original form, has been effective since December 1995. The APB exposure draft setting out proposed revisions was published in April this year.
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