The Auditing Practices Board (APB) of the FRC has this week published a revision of Practice Note (PN) 15: ‘The Audit of Occupational Pension Schemes in the United Kingdom (Revised)’. An exposure draft of the revised PN was issued in July 2010 for public comment.
The revision updates the current guidance to reflect:
- the issuance of the new International Standards on Auditing (ISAs) (UK and Ireland) (which apply to audits of financial statements of occupational pension schemes for periods ending on or after 15 December 2010); and
- changes in the legislative and regulatory framework.
New guidance has been included on:
- Communicating deficiencies in internal control to those responsible for governance and management.
- Audit considerations relating to an entity using a service organisation.
- Auditing accounting estimates, including fair value accounting estimates and related disclosures.
- Going concern.