Revisions on Practice Note of Ireland Government’s Financial Statements Audit
The Auditing Practices Board (APB) of the Financial Reporting Council (FRC) has issued a revision of Practice Note 10(I), ‘Audit of central government financial statements in the Republic of Ireland’.
An exposure draft of the revised Practice Note was issued in March 2011 for public comment.
The APB lately published a revision of Practice Note (PN) 24 “The Audit of Friendly Societies in the United Kingdom”, which reflects the provisions of the clarified ISAs (UK and Ireland) to the audit of financial statements of friendly societies for periods ending on or after December 15, 2010, and the changes in the legislative and regulatory framework.
The revised Practice Note updates the current guidance to reflect the issuance of the new ISAs (UK and Ireland) which apply to audits of financial statements for periods ending on or after 15 December 2010.
Richard Fleck, APB Chairman, said: “The APB is updating its Practice Notes to assist understanding of the new auditing standards. The APB hopes that auditors of central government financial statements in the Republic of Ireland will find the revised and clarified guidance helpful in carrying out their work.”