The Auditing Practices Board (APB) of the FRC has issued for comment a consultation draft of a revision of Practice Note 16 “Bank reports for audit purposes.” 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. No changes are proposed to the process that was agreed in 2007 between the UK auditing profession and the British Bankers Association (BBA) regarding the procedures auditors use when requesting confirmation of balances, transactions or arrangements from the bankers of an entity being audited.
For further information and to download the consultation draft, please click here.