The APB has published an Exposure Draft of proposed revisions to ISA (UK and Ireland) 700 “The Auditor’s Report on Financial Statements”. The Draft is intended to reflect the requirements of the Companies Act 2006 and other responses to the AFB’s 2007 discussion paper on how auditors’ reports should be changed. The Exposure Draft envisages a far more concise report. This is achieved by transferring much of the current standard text on the auditor’s responsibilities and the basis of the auditor’s opinion into a statement which will be posted on the APB’s website to which the auditor’s report will refer. Comments on the Exposure Draft are invited by 28 November 2008 with a view to the revised ISA 700 being effective for accounting periods ending on or after 5 April 2009. In the meantime, to assist with compliance with the Companies Act 2006, the APB has published Bulletin 2008/8 which provides illustrative auditor’s reports for short accounting periods commencing on or after 6 April 2008 and ending before 5 April 2009.