Withdrawal of practice notes 25 and 27
The Financial Reporting Council (FRC) has announced the withdrawal of two practice notes, one relating to attendance at stocktaking and the other to the audit of credit unions in the UK
11 Dec 2018
The regulator said practice note 25 attendance at stocktaking was last revised in February 2011 and much of the content is covered by application material in ISA (UK) 501 audit evidence – specific considerations for selected items and other ISAs (UK).
The FRC said as a result, it is no longer appropriate to support high quality work and so it has been withdrawn with immediate effect.
Practice note 27 the audit of credit unions in the UK was last revised in May 2011 and relates to a small sector on non-PIE entities which the FRC no longer considers necessary to provide guidance on. Accordingly, this practice note has also been withdrawn with immediate effect.
Report by Pat Sweet