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FRC issues revised Practice Note on The Audit of Banks and Building Societies in the United Kingdom

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08 Jul 2019

The Financial Reporting Council (FRC) has published a revision of ‘Practice Note 19: The audit of banks and building societies in the United Kingdom’.

The revisions reflect:

  • revisions to UK auditing standards (ISAs (UK)), in particular ISA (UK) 540 (Revised December 2018), Auditing Accounting Estimates and Related Disclosures;
  • guidance relevant to the audit of estimates for expected credit losses;
  • changes in relevant legislation and regulation (at the time of publication, certain EU regulations, including binding technical standards, apply directly to UK banks and building societies. References to these are made in this revised Note. When the UK ceases to be a member of the EU (Brexit) the FRC indicates that these references will be updated accordingly); and
  • the establishment of the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) in place of the Financial Services Authority (FSA).

The press release, the revised Practice Note 19 and the feedback statement and impact assessment: the revision of practice note 19 are all available on the FRC websitare all available at FRC website. the FRC website.are all available on the FRC website.

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