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FRC issues revised Practice Note 15

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09 Nov 2017

The Financial Reporting Council (FRC) has published a revised Practice Note 15: ‘The Audit of Occupational Pension Schemes in the United Kingdom’.

The main drivers for the revisions are:

  • revisions to UK auditing standards (ISAs (UK));
  • changes to UK accounting standards (Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland) and the revision of the pension Statement Of Recommended Practice (SORP);
  • continuing developments in regulatory codes and guidance issued by The Pensions Regulator (TPR);
  • changes in relevant legislation; and
  • the increase in master trusts in the pension sector.

The FRC has also withdrawn Practice Note 22 – The Auditors’ Consideration of FRS 17 – Retirement Benefits – Defined Benefit Schemes.

The press release, revised Practice Note 15, feedback statement and impact assessment are available on the FRC website.

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