The Auditing Practices Board (APB) of the FRC has today issued for comment a consultation draft of a revision of Practice Note 19 “The audit of banks and building societies in the United Kingdom.” The consultation period ends on 29 October 2010.
The consultation draft updates the current guidance 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 and for changes in legislation. In addition the APB has also revised and enhanced the guidance in a number of areas, including in relation to the audit of accounting estimates and impairment provisions and related disclosures. The APB has also added guidance on bilateral and other periodic meetings between auditors and the FSA.
For further information and to download the consultation dcoucment, please click here.