The Auditing Practices Board (APB) has today issued for consultation an Exposure Draft of Practice Note 26 (Revised). Comments are requested by 30th September 2009.
APB first issued Practice Note 26 in September 2007 to provide guidance and illustrative examples on how the documentation requirements contained within ISAs (UK and Ireland) can be applied to smaller entity audits. In April 2009 APB exposed proposed revisions to the ISAs (UK and Ireland) that will apply to audits for accounting periods ending on, or after, 15 December 2010. The APB is planning to finalise the update to Practice Note 26 at about the same time as it finalises the changes to the revised ISAs (UK and Ireland) so that the guidance will be available on a timely basis to assist audit firms with their implementation of the new standards.
In addition to updating the existing material for changes to the proposed standards, new examples have been added to illustrate the impact on audit documentation of some of the changes in the proposed ISAs (UK and Ireland).