APB Revises Practice Note of Occupational Pension Schemes Audit
The Auditing Practices Board (APB) has revised Practice Note 15 to include the issuance of new International Standards on Auditing (ISAs) that apply to occupational pension schemes audits, an exposure draft of which was released for public comment July last year.
The Audit of Occupational Pension Schemes in the United Kingdom contains guidance on the application of auditing standards issued by the Auditing Practices Board (APB) to the audit of occupational pension schemes established under the Pensions Acts.
The revised practice note will also help public sector pension schemes auditors in applying the requirements of International Standards on Auditing (ISAs) (UK and Ireland), which apply to all audits undertaken in the United Kingdom in respect of accounting periods ending on or after 15 December 2010, though it will be subjected to different ﬁnancial reporting frameworks and different legislation.
“This Practice Note is important guidance for auditors of occupational pension schemes and it is used extensively by the auditing profession. The issuance of the clarified ISAs has significantly improved the quality of auditing standards and those improvements are now reflected in this revision to the Practice Note,” said Richard Fleck, APB Chairman.
The Practice Note further proposes for special considerations regarding the audit of occupational pension schemes which arise from the individual ISAs (UK and Ireland).
However, the APB said “the Practice Note does not and is not intended to provide detailed guidance on the audits of occupational pension schemes.”