The APB Issues Draft Revised Guidance on the Audit of Credit Unions in the UK
News types: Consultation Announcement
Published: 5 October 2010
APB PN 133
The Auditing Practices Board (APB) of the FRC has today issued for comment a consultation draft of a revision of Practice Note 27 “The audit of credit unions in the United Kingdom.” The consultation period ends on 7 January 2011.
The consultation draft updates the current guidance to reflect the issuance of the new ISAs (UK and Ireland) which apply to audits of financial statements for periods ending on or after 15 December 2010.
Richard Fleck, Chairman of the APB and a director of the FRC said,
The Auditing Practices Board (APB) of the FRC has today issued for comment a consultation draft of a revision of Practice Note 27 “The audit of credit unions in the United Kingdom.” The consultation period ends on 7 January 2011.
The consultation draft updates the current guidance to reflect the issuance of the new ISAs (UK and Ireland) which apply to audits of financial statements for periods ending on or after 15 December 2010.
Richard Fleck, Chairman of the APB and a director of the FRC said,
“The APB is updating its Practice Notes to assist the application of the new auditing standards that were issued in October 2009. Although most of the changes in this consultation draft have been made to reflect the new auditing standards, the APB invites comments on any aspect of the guidance.”
Notes to Editors
- The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. 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.
- The APB is committed to leading the development of auditing practice.
- to establish high standards of auditing;
- to meet the developing needs of users of financial information; and
- to ensure public confidence in auditing.
- The APB issues Practice Notes to assist auditors in applying auditing standards of general application to particular circumstances and industries. Practice Notes are persuasive rather than prescriptive. However, they are indicative of good practice.
Document created under a former FRC operating body.