ICAEW publishes two new Technical Releases
04 Nov, 2013
The Institute of Chartered Accountants in England and Wales has issued two new Technical Releases - Tech 11/13BL and Tech 12/2013BL.
Tech 11/13BL ‘Accountants’ reports on Commercial property service charge accounts’ sets out “best practice in the conduct of the independent accountants review” of annual statements of service charge expenditure which must be reviewed by an independent accountant under the Royal Institute of Chartered Surveyors (RICS) Code of Practice, ‘Service Charges in Commercial Property’. The Technical Release provides guidance on the form of the report to be given and the procedures to be undertaken in making the report. The Technical Release does not apply to “engagements relating to properties containing residential accommodation (dwellings)”.
Tech 12/2013BL ’Audit reporting on financial statements of pension schemes prepared for segregation under the Pension Protection Fund Multi-Employer Regulations’ provides “guidance to Institute members when issuing audit reports to Trustees on the segregation of pension schemes, under Multi-Employer Regulations”. The guidance is not an auditing standard and “professional judgement should be used in its application”.
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