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FRC updates practice note for the audit of financial instruments

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26 Jul 2013

The UK Financial Reporting Council (FRC) has issued updated guidance for audits of entities of all sizes that may be subject to the risks associated with using financial instruments. The guidance aims to enhance investor confidence in the depth and reliability of the audit.

Practice Note 23 Special considerations in auditing financial instruments is based on International Auditing Practice Note 1000 issued by the International Auditing and Assurance Standards Board (IAASB) and contains supplementary FRC guidance. Some of the supplementary guidance regards the valuation of financial instruments, materiality, valuation uncertainty and hedge accounting.

The revised Practice Note is availabe on the FRC website. Guidance in addition to the IAASB guidance is highlighted with grey shading.

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