The Auditing Practices Board (APB) has today published Bulletin 2008/7, 'Illustrative Auditor’s Reports on Public Sector Financial Statements in the United Kingdom'.

For periods ending on or after 31 March 2008, this Bulletin updates the illustrative reports in, and supersedes, Bulletin 2006/2. The illustrative reports cover central government, local government and health entities. The changes reflect updated regulations and, in particular, a responsibility for the auditor to report on the consistency of certain information (equivalent to a directors’ report) with the financial statements.

Richard Fleck, Chairman of the APB, commented:

“This updated Bulletin has been prepared to assist auditors of public sector bodies in the United Kingdom. It is intended to be read in conjunction with Practice Note 10, 'Audit of Financial Statements of Public Sector Bodies in the United Kingdom (Revised)'.”

The Bulletin can be downloaded, free of charge, from the Publications (Bulletins) section of the APB’s website (www.frc.org.uk/apb).

1. The FRC’s 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.
3. The purpose of Bulletins issued by the APB is to provide auditors and, where relevant, reporting accountants, with timely guidance on new and emerging issues. They are persuasive rather than prescriptive. However, they are indicative of good practice, even though they may be developed without the full process of consultation and exposure used for Auditing Standards.
4. For further information please contact Jon Grant, APB Executive Director, on 020 7492 2410.