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FRC issues consultation on revised Practice Note for the audit of Housing Associations in the UK

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20 Nov 2020

The Financial Reporting Council (FRC) has issued a consultation on a revised Practice Note 14 for the audit of Housing Associations in the UK.

Practice Note 14 (PN 14) The Audit of Housing Associations in the United Kingdom provides sector specific guidance on applying the FRC’s auditing standards to an audit of Housing Associations.

PN 14 was last revised in 2014 and since then there have been significant changes in the devolved regulatory regimes under which Housing Associations operate. In addition, changes in the operating environment for Housing Associations means that new business risks have arisen and those identified in the previous revision of PN14, while mostly still relevant, have changed in their relative significance.

These factors, along with a need to update material due to the issuing of revised ISAs (UK), and a need to ensure that FRC guidance remains current and fit for purpose, meant that revisions to PN14 were necessary.

Comments are requested by 5pm on Friday 29th January 2021.

A press release and the invitation to comment are available on the FRC website.

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