Charities consulted on slimmed-down audit guidance

16 Jun 2017 News

The Financial Reporting Council has opened a consultation on a slimmed-down draft of the Audit of Charities in the UK paper, which has been updated to take into account recent legislative changes.

Practise Note 11, as the document is otherwise known, is a reference for charity auditors across the UK used in conjunction with International Standards on Auditing (ISAs).

The Financial Reporting Council (FRC) has said its draft changes, the first made since the document was last updated in 2012, are due to developments in accounting and audit framework, including the issuance of a new charities SORP.

“Charities have also been the subject of extensive press, public and parliamentary interest of late, and this revision of the Practice Note seeks to incorporate lessons learned,” the new document adds.

Its latest version is less than half the length of the current Practice Note, at 71 instead of 149 pages, which it says is due to a removal of guidance that could be found elsewhere.

The reviewed document was put together through an expert working group including representation from audit firms, the charity regulators, and other stakeholders. 

FRC is calling for comments on all aspects of the revised Practice Note by 25 August, with a final version scheduled for later in 2017.

 

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