The Auditing Practices Board (APB) of the FRC has this week updated Practice Note 26 which provides guidance and illustrative examples on how the documentation requirements contained within ISAs (UK and Ireland) can be applied to smaller entity audits. This will also be available on the next CHARIOT build.
Richard Fleck, Chairman of APB commented:
"The APB received strong support from practitioners, training providers and standard setters in other countries for Practice Note 26 when it was first issued in 2007. This has now been updated to reflect the new ISAs (UK and Ireland) that apply to audits of accounting periods ending on or after 15 December 2010. I hope that the timely publication of this update will assist firms with their implementation of the new standards in 2010."