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 practice note for the audit of financial instruments

  • United Kingdom Image

26 Jul 2013

The UK Financial Reporting Council (FRC) has issued updated guidance for audits of entities of all sizes that may be subject to the risks associated with using financial instruments. The guidance aims to enhance investor confidence in the depth and reliability of the audit.

Practice Note 23 Special considerations in auditing financial instruments is based on International Auditing Practice Note 1000 issued by the International Auditing and Assurance Standards Board (IAASB) and contains supplementary FRC guidance. Some of the supplementary guidance regards the valuation of financial instruments, materiality, valuation uncertainty and hedge accounting.

The revised Practice Note is availabe on the FRC website. Guidance in addition to the IAASB guidance is highlighted with grey shading.

Related Topics

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.