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FRC issues revised auditing standard and consults on guidance for quality bank audits

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14 Dec 2018

The Financial Reporting Council (FRC) has issued an International Standard on Auditing Accounting Estimates and Related Disclosures (ISA UK 540), covering the audit of expected credit losses in banks. It is effective for audits of financial statements for periods beginning on or after 15 December 2019.

The FRC is also consulting on updates to its Practice Note on The Audit of Banks and Building Societies in the United Kingdom.  The consultation reflects findings from the FRC’s audit inspection work covering bank audits, which were covered extensively in public reports in June 2018The comment period closes on 8 March 2019.

The press release, revised ISA UK 540, the feedback statement and impact assessment of the revised ISA UK 540, the exposure draft of the practice note and the consultation paper and impact assessment of the revised practice note are all available on the FRC website.

Our response to this request for comments can be found by clicking here

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