FRC consults on proposals to update guidance on bank reports for audit purposes
27 Apr, 2017
The Financial Reporting Council (FRC) has issued a consultation to make minor revisions to ISA (UK) 330 (revised June 2016) – ‘The Auditor’s Response to Assessed Risks’ and ISA (UK) 505 – ‘External Confirmations’.
These proposals will result in the withdrawal of Practice Note 16 – Bank Reports for Audit Purposes in the United Kingdom which the FRC says is “rather dated and is no longer needed to support the work of auditors seeking bank confirmations to support an audit engagement”.
The proposed changes, which the FRC says do not affect the work effort required of auditors, would apply to the audit of financial periods beginning on or after 15 December 2017.Comments are requested by 26 May 2017.
The press release and full consultation are available on the FRC website.
