APB issues revised guidance on the audit of credit unions in the UK
News types: Publications
Published: 25 May 2011
APB PN 151
The Auditing Practices Board (APB) of the FRC today issued a revision of Practice Note 27 “The audit of credit unions in the United Kingdom” (PDF). An exposure draft of the revised Practice Note was issued in October 2010 for public comment.
The revised Practice Note updates the guidance for auditors 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, APB Chairman, said:
The Auditing Practices Board (APB) of the FRC today issued a revision of Practice Note 27 “The audit of credit unions in the United Kingdom” (PDF). An exposure draft of the revised Practice Note was issued in October 2010 for public comment.
The revised Practice Note updates the guidance for auditors 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, APB Chairman, said:
“This Practice Note provides guidance for the audits of credit unions in the UK, many of which are undertaken by smaller audit firms. The APB hopes that auditors of credit unions will find the revised and clarified guidance helpful in carrying out their work”
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.
- 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.