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New SORP published for the audit of public sector bodies

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17 Dec 2016

The Public Audit Forum (PAF) has issued a revised Statement of Recommended Practice (“the revised SORP”) setting out guidance on the audit of financial statements of public sector bodies in the United Kingdom. The revised SORP comes into effect from 22 November 2016.

The revised SORP replaces the previous SORP issued in October 2010. It is supplementary to, and should be read in conjunction with, International Standards on Auditing (ISAs) (UK) and International Standard on Quality Control 1 (ISQC 1) (UK) which apply to all audits undertaken in the United Kingdom. Where no special considerations arise from a particular ISA or ISQC 1, no material has been included in the revised SORP and users should consequently refer to relevant auditing standards.

Revised Auditing Standards and a Revised Ethical Standard were issued in June 2016 and are effective for audits of financial statements for periods commencing on or after 17 June 2016. The revised SORP refers to these revised auditing standards and will therefore be relevant if auditors apply the revised standards early. If auditors do not apply these revised standards early, the guidance in the revised SORP will still be relevant except that auditors will need to also refer to the requirements on reporting material uncertainty in relation to going concern in ISA 570 and extended reporting in ISA 700.

The revised SORP can be accessed on the Public Audit Forum's website here.

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