FRC releases update to Practice Note 19

Released 03 July 2019

The Financial Reporting Council (FRC) has released an update to Practice Note 19 The audit of banks and building societies in the United Kingdom (PN19).

As set out in the Practice Note, PN19 is designed to ‘assist auditors in applying the requirements of, and should be read in conjunction with, ISAs (UK).’

PN19 is fully updated for all extant UK issued versions of International Standards on Auditing (ISA) as at June 2019, which includes ISA (UK) 540 (revised December 2018) Auditing Accounting Estimates and Related Disclosures, and is also based on legislation and regulations applicable at 1 July 2019.

The revisions also reflect the relevant guidance for the audit of estimates for expected credit loses, and the FRC suggests that this may be useful for auditors even if they have not early adopted IAS (UK) 540.

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