30 March 2012

FRC: Withdrawal of various documents

The Auditing Practices Board of the Financial Reporting Council announced the withdrawal of particular documents that belong to either practice notes, statements of standards for reporting accountants, or bulletins.

The withdrawal of documents in practice notes:

• PN 14 “The Audit of Registered Social Landlords in the United Kingdom (Revised)”, issued in March 2006. (The APB has recently formed a working party to develop a completely updated Practice Note on this subject.)
• PN 27 “The Audit of Credit Unions in the United Kingdom”, issued in January 2009. (This Practice Note has been superseded by PN 27 (Revised) “The Audit of Credit Unions in the United Kingdom”, issued in May 2011.)

The withdrawal of a statement of standards for reporting accountants:

• “APB Statement of Standards for Reporting Accountants Applicable to Small (Charitable) Companies”, issued in February 2009. (The legislation giving rise to this Statement has been repealed and the reports that the Standards gave rise to are no longer required.)

The withdrawal of bulletins:

• Bulletin 1997/3 “The FRSSE: Guidance for auditors”
• Bulletin 2000/3 “Departures from Statements of Recommended Practice for the Preparation of Financial Statements: Guidance for auditors”
• Bulletin 2001/1 “The Electronic Publication of Auditor’s Reports”
• Bulletin 2002/2 “The United Kingdom Directors’ Remuneration Report Regulations 2002”
• Bulletin 2002/3 “Guidance for Reporting Accountants of Stakeholder Pension Schemes in the United Kingdom”
• Bulletin 2005/3 “Guidance for Auditors on First-time Application of IFRSs in the United Kingdom”

The Bulletins have been withdrawn because the references to auditing standards, law and regulations are outdated. However, the substantive guidance may still be useful to an auditor if used in the knowledge that the detailed references are likely to be out of date.

Press release

© FRC