APB issues Revised Guidance on Bank Reports for Audit Purposes in the UK

News types: Generic Announcement, Publications

Published: 22 February 2011

APB PN 142
The Auditing Practices Board (APB) of the FRC today publishes a revision of Practice Note (PN) 16: ‘Bank reports for Audit Purposes in the United Kingdom (Revised)’. An exposure draft of the revised PN was issued in July 2010 for public comment.

The revision updates the current guidance to reflect the issuance of the new International Standards on Auditing (ISAs) (UK and Ireland) (which apply to audits of financial statements for periods ending on or after 15 December 2010).

Richard Fleck, APB Chairman, said:

“Although this Practice Note has been updated to reflect the issuance of the new ISAs (UK and Ireland), no changes have been made to the process that was agreed in 2007 between the UK auditing profession and the British Bankers Association (BBA) regarding the procedures auditors use when requesting confirmation of balances, transactions or arrangements from the bankers of an entity being audited.”


A copy of the Practice Note may be downloaded from the publications section of the APB’s web site at: Bank Reports for Audit Purposes in the United Kingdom.

Notes to Editors

  1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.

  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 auditing.

Document created under a former FRC operating body.

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