The Auditing Practices Board (APB) of the FRC published an update to Practice Note 11 (Revised): The Audit of Charities in the UK and a related update to the illustrative charity auditor reports in Bulletin 2010/2 (Revised): Compendium of Illustrative Auditor’s Reports on United Kingdom Private Sector Financial Statements ended on or after 15 December 2010.
These updates have primarily been made to incorporate new legislative references to the Charities Act 2011 which becomes effective on 14 March 2012. The amendments do not require any changes to audit processes and procedures and a formal consultation was not considered necessary.
In addition to changes for the Charities Act 2011, the following amendments have been made:
- The Practice Note reflects changes in respect of revised charity audit thresholds in Scotland and other legislative changes in Northern Ireland.
- The Bulletin includes amendments to:
- Change the wording in the illustrative charity auditor reports in respect of reporting on the small company exemption from preparing a Directors’ Report;
- Reflect the issuance of the “Annotated UK Corporate Governance Code” by the Association of Financial Mutuals in the illustrative friendly society auditor reports.
A copy of the updated Practice Note may be downloaded from the publications section of the APB’s web site at: http://www.frc.org.uk/apb/publications/practice.cfm and the updated Bulletin is available at: http://www.frc.org.uk/apb/publications/bulletins.cfm. Previous versions of these documents have been moved to the section of the APB web-site that contains superseded documents.
The updated documents will be on CHARIOT in due course.