The Auditing Practices Board (APB) of the FRC has today issued Practice Note 15 (I) (Revised) which updates the current guidance, which was issued in December 2005, for changes in the regulatory environment for pensions in Ireland including the Occupational Pensions Schemes (Disclosure of Information) Regulations 2006.

Jon Grant, Executive Director of APB commented:

“APB is extremely grateful for the work of the Institute of Chartered Accountants in Ireland and the Irish Pensions Board in helping to prepare this document; we hope that it will be of assistance to auditors of Irish pension schemes.”

A copy of the Practice Note can be downloaded free of charge from the publications section of the APB’s web site (http://www.frc.org.uk/apb/publications/pub2229.html).

1. The Financial Reporting Council (FRC) is 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.
3. APB issued an exposure draft of PN15(I) on 5 August 2009.
4. PN15(I) is supplementary to, and should be read in conjunction with, applicable International Standards on Auditing (UK and Ireland). In October 2009, APB issued an updated series of ISAs (UK and Ireland) that apply to audits of accounting periods ending on, or after, 15 December 2010. This version of PN15(I) will be updated for these new standards during the course of 2010.
5. All press enquiries should be directed to: Jon Grant on Tel: 020 7492 2410.