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News April 2017 FRC invites comments on proposals to update guidance on bank reports for audit purposes

FRC invites comments on proposals to update guidance on bank reports for audit purposes

26 April 2017
The FRC has issued a paper inviting stakeholder comments on proposals to update guidance on obtaining bank reports for audit purposes. This will involve the withdrawal of Practice Note 16, and its replacement with additional application material in ISA (UK) 330 – The Auditor’s Responses to Assessed Risks and ISA (UK) 505 – External Confirmations.

The proposed changes which are minor in nature would apply to the audit of financial periods beginning on or after 15 December 2017. They do not change the requirements on auditors, but are intended to reduce the amount of guidance in issue, and to better integrate that guidance with auditing standards. We welcome stakeholder comments, to be sent to aat@frc.org.uk by Friday 26 May 2017.

Invitation to Comment: ISA (UK) 330 and ISA (UK) 505 (PDF)

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