Consultation on revised practice note for the audit of housing associations in the UK
16 November 2020
The Financial Reporting Council (FRC) has today launched a consultation on the proposed revision of Practice Note 14 (PN 14) The Audit of Housing Associations in the United Kingdom.
PN 14 provides sector specific guidance on applying the FRC’s auditing standards to an audit of Housing Associations.
PN 14 was last revised in 2014 and since then there have been significant changes in the devolved regulatory regimes under which Housing Associations operate. In addition, changes in the operating environment for Housing Associations means that new business risks have arisen and those identified in the previous revision of PN14, while mostly still relevant, have changed in their relative significance.
These factors, along with a need to update material due to the issuing of revised ISAs (UK), are reflected in the exposure draft of PN14.
The consultation runs until 29th January 2021.
PN14 Exposure Draft
PN14 Invitation To Comment