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The Financial Reporting Council (FRC) has designated the Public Audit Forum as the SORP-making body

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21 Jun 2016

The Financial Reporting Council (FRC) has designated the Public Audit Forum as the SORP-making body for the revision of Practice Note 10 (Revised): Audit of financial statements of public sector bodies in the United Kingdom. This is in accordance with the FRC’s Policy on Developing Statements of Recommended Practice.

  • FRC has approved PAF (the members of which are Audit Scotland, the National Audit Office (NAO), the Northern Ireland Audit office (NIAO) and the Wales Audit Office)  as a SORP making body for the first auditing SORP - this is a new departure for the FRC following the revision to the policy on developing SORPs in March. In future, matters which were previously dealt with in sector-specific practice notes issued by the FRC may be dealt with a SORP developed by an approved body and reviewed by the FRC.
  • The key changes in the proposed SORP compared to the extant PN10 are:
    • removing references to the Audit commission and referring to the new local audit arrangements that apply in England under the Local Audit and Accountability Act 2014;
    • updating, where appropriate, references to the Codes of Audit practice issued by the national audit agencies which require public sector audits to comply with the auditing standards in their work on financial statements; and
    • making the guidance more principles-based and applicable to all public sector auditors, whether these are audit agencies or auditing firms.
    • updating PN 10 (revised) for the new auditing standards issued on 17 June 2016.
  • Comments are welcome by 23 September
  • The press release can be found on the FRC website.
  • Click for further information on draft PN.


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