FRC issues revised guidance on the audit of housing associations

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30 Jan, 2014

The Financial Reporting Council (FRC) has today issued a revised Practice Note 14 on the audit of housing associations in the UK.

Practice Note 14 ‘The audit of housing associations in the United Kingdom’ updates the 2006 version to reflect recent regulatory developments and changes to the environment in which housing associations operate and for the issuance of the clarified ISAs (UK and Ireland) in 2010.  The Practice Note consists of four sections including a section on the business risks and audit risks in the housing sector. 

Along with revised Practice Note 14, the FRC has also published a summary of the feedback received from their consultation on the proposed changes.  The FRC comment that “all of the comment letters expressed strong support for the proposed structure and content of the Practice Note and agreed that the proposed Practice Note was suitable for publication”. 

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