Audit practice note 11
February 2008
The Audit Practices Board (part of the Financial Reporting Council) is due to publish a revised Audit Practice Note 11 in March 2008.
The existing Note was issued in 2002 and was substantially revised to take account of changes in the prevailing Charity SORP at the time (SORP 2000) and various new standards from the APN. In particular, guidance for auditors of unincorporated charities on their ‘whistleblowing’ responsibilities to the Charity Commission were expanded. Further information about APN 11 is available on the FRC website.
Don Bawtree, Charity Unit Partner at BDO Stoy Hayward LLP told Caritas magazine: ‘The revised APN is expected to incorporate the considerations of international standards, previously covered by a bulletin. In addition it will address the new regimes in Scotland and cross border charity reporting, as well as provide additional guidance in specific areas which have traditionally presented problems. The overall format of the practice note will remain the same, although there will probably be a greater emphasis on the special features of charities.
The consultation document has been delayed to allow time for the Charities Act 2006 implementation timetable to be clearer, and especially to try to harmonise the whistleblowing requirements with the revised independent examiners' duties.
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