The Auditing Practices Board (APB) of the FRC has today updated Practice Note 26 which provides guidance and illustrative examples on how the documentation requirements contained within ISAs (UK and Ireland) can be applied to smaller entity audits.

Richard Fleck, Chairman of APB commented:

“The APB received strong support from practitioners, training providers and standard setters in other countries for Practice Note 26 when it was first issued in 2007. This has now been updated to reflect the new ISAs (UK and Ireland) that apply to audits of accounting periods ending on or after 15 December 2010. I hope that the timely publication of this update will assist firms with their implementation of the new standards in 2010.”

Practice Note 26 (Revised) may be downloaded from the Publications (Practice Notes) section of this website. Printed copies at a cost of £12.00, are available from: FRC Publications, 145 London Road, Kingston upon Thames, Surrey, KT2 6SR. Telephone: 020 8247 1264. Email: customer.services@cch.co.uk. Website: www.frcpublications.com.

1. The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The APB is committed to leading the development of auditing practice in the United Kingdom and the Republic of Ireland so as to:
   • establish high standards of auditing;
   • meet the developing needs of users of financial information; and
   • ensure public confidence in the auditing process.
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