FRC revises Practice Note 11
20 Nov, 2017
The Financial Reporting Council (FRC) has issued a revised Practice Note 11: ‘The Audit of Charities 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 charities Statement Of Recommended Practice (SORP);
- continuing developments in regulation and guidance issued by the Charity Regulators; and
- changes in relevant legislation.
The press release and revised Practice Note 11 are available on the FRC website.
