This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FRC updates guidance on the audit of housing associations and financial instruments

  • FRC Image

24 Jul 2013

The Financial Reporting Council (FRC) has issued, for public comment, a proposed revised Practice Note (PN) 14 on the audit of housing associations in the UK and issued updated guidance for the audit of financial instruments in the form of Practice Note (PN) 23 ‘Special considerations in auditing financial instruments’.

The proposed PN 14 ‘The Audit of Housing Associations in the United Kingdom’ updates the 2006 version to reflect recent regulatory developments and changes to the environment in which housing associations operate and for the issuance of the clarified ISAs (UK and Ireland) in 2010.  The proposed Practice Note includes a section on the business risks and audit risks in the housing sector.  Comments are invited until 25 October 2013. 

Practice Note 23, issued after a consultation in October 2012, revises the previous guidance for auditors in 2009 by updating it to include both the clarified International Standards on Auditing (ISAs) (UK and Ireland) and updated guidance issued by the International Auditing and Assurance Standards Board (IAASB) in its International Auditing Practice Note (IAPN) 1000, Special Considerations in Auditing Financial Instruments.  The Practice Note, relevant to entities of all sizes, includes a discussion of the audit considerations relating to financial instruments.

Both Practice Notes are intended to assist auditors in applying the ISAs (UK and Ireland) during their audit engagements.

Click for:

FRC press release PN 14 (link to FRC website)

FRC press release PN 23 (link to FRC website)

Proposed Practice Note 14 (Revised) ‘The Audit of Housing Associations in the United Kingdom’ (link to FRC website)

Practice Note 23 ‘Special considerations in auditing financial instruments’

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.