FRC issues revised practice note for UK housing associations audits

Released 23 March 2021

The Financial Reporting Council (FRC) has published a revised Practice Note 14 (PN 14) (Revised March 2021) The Audit of Housing Associations in the United Kingdom.

PN 14 provides sector specific guidance on applying the FRC’s auditing standards to audits of Housing Associations.

They key revisions include:

Updating of the material relating to devolved regulatory regimes and the inclusion of links to key locations on regulator’s websites where auditors can seek additional guidance.

Updating of the key business risks affecting housing associations, including the inclusion of new risks and the re-ordering of existing risks.

Updating of ISA (UK) specific guidance to ensure it remains fit for purpose and provides helpful guidance to auditors of housing associations. This includes providing new guidance in relation to requirements found in ISA (UK) 570 and ISA (UK) 720.

View Practice Note 14.

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