APB issues revised guidance on the Audit of Occupational Pension Schemes
News types: Guidance
Published: 31 January 2011
The Auditing Practices Board (APB) of the FRC has today published a revision of Practice Note (PN) 15: ‘The Audit of Occupational Pension Schemes in the United Kingdom (Revised)’ (PDF). An exposure draft of the revised PN was issued in July 2010 for public comment.
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the issuance of the new International Standards on Auditing (ISAs) (UK and Ireland) (which apply to audits of financial statements of occupational pension schemes for periods ending on or after 15 December 2010); and
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changes in the legislative and regulatory framework.
New guidance has been included on:
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Communicating deficiencies in internal control to those responsible for governance and management.
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Audit considerations relating to an entity using a service organisation.
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Auditing accounting estimates, including fair value accounting estimates and related disclosures.
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Going concern.
Richard Fleck, APB Chairman, said:
“This Practice Note is important guidance for auditors of occupational pension schemes and it is used extensively by the auditing profession. The issuance of the clarified ISAs has significantly improved the quality of auditing standards and those improvements are now reflected in this revision to the Practice Note."
A copy of the Practice Note may be downloaded from the publications section of the APB’s web site at: The Audit of Occupational Pension Schemes in the United Kingdom (Revised) (PDF).
Notes to Editors
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The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
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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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