APB issues a Bulletin setting out revised Example Auditor's Reports on UK Private Sector Financial Statements
News types: Publications
Published: 22 December 2010
The Auditing Practices Board (APB) of the FRC today publishes Bulletin 2010/2 “Compendium of Illustrative Auditor’s Reports on United Kingdom Private Sector Financial Statements for periods ended on or after 15 December 2010”.
The Bulletin contains 46 examples of auditor’s reports, illustrating the reporting requirements of the ISAs (UK and Ireland) effective for financial periods ending on or after 15 December 2010. They also illustrate the reporting requirements of the law and regulations applicable to the financial statements of particular types of entity.
Richard Fleck, APB Chairman said:
“In response to the suggestion of a number of practitioners, APB is consolidating all of its private sector illustrative auditor’s reports into a compendium. The compendium will be an annual publication which will provide a single source of APB’s illustrative auditor’s reports on private sector financial statements. Previously these illustrations have been set out in a number of separate Bulletins and Practice Notes.
I am sure that this publication will become a useful reference source for practitioners and that including all the reports within one publication will simplify the task of finding a particular illustration.”
The Bulletin may be downloaded from the Publications (Bulletins) section of this website. Printed copies at a cost of £25.00, will be available shortly from: FRC Publications, 145 London Road, Kingston upon Thames, Surrey KT2 6SR. Telephone 020 8247 1264. E-mail: [email protected]. Website: www.frcpublications.com.
Notes to Editors
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The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in 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.
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The APB is committed to leading the development of auditing practice in the United Kingdom and the Republic of Ireland so as to:
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establish high standards of auditing;
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meet the developing needs of users of financial information; and
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ensure public confidence in auditing.
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The APB issues Bulletins to provide auditors with timely guidance on new and emerging issues. They are persuasive rather than prescriptive. However, they are indicative of good practice even though they may be developed without the full process of consultation and exposure used for Auditing Standards.
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Bulletin 2010/2 applies to UK private sector auditor’s reports for periods ending on or after 15 December 2010. Bulletin 2009/2 applies to private sector auditor’s reports for periods commencing on or after 6 April 2008 and ending before 15 December 2010. A Bulletin of illustrative UK public sector auditor’s reports will be published in due course.
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Paragraph 16 of ISA (UK and Ireland) 700 permits an auditor to cross refer to a “Statement of the Scope of an Audit”. With effect for periods ending on or after 15 December 2010 the appropriate web reference is http://www.frc.org.uk/apb/scope/private.cfm.