Practice notes on auditing and accounting

The APB also issues practice notes which are
designed to assit auditors in applying auditing standards of general
application to particular circumstances and industries.

They are persuasive rather than prescriptive and
have similar status to the

explanatory material in the ISAs. Practice notes may
later be developed into or be included in ISAs.

Current ones of importance are:

PN08 Reports by auditors under company
legislation in the United Kingdom August 1994

PN10 (Revised) audit of financial
statements of public sector bodies in the United Kingdom (Revised) January 2006

PN11 The audit of charities in the
United Kingdom (revised) April 2002

PN12 (Revised) money laundering-interim
guidance for auditors in the United Kingdom January 2007

PN13 The audit of small businesses July
1997

PN14 The audit of registered social
landlords in the United Kingdom (revied) March 2006

PN15 The audit of occupational pension
schemes in the United Kingdom (Revised) March 2007

PN16 bank reports for audit purposes
(revised): interim guidance October 2006

PN19 The audit of banks and building
societies in the United Kingdom (Revised) January 2007

PN20 The audit of insures in the united
kingdom (Revised) January 2007

PN21 The audit of investment businesses
in the united kingdom June 2000

PN22 The auditors’ consideration of FRS
17 ‘retirement benefits’-defined benefit schemes April 2002

PN23 Auditing derivative financial
instruments April 2002

PN24 the audit of friendly societies in
the united kingdom (revised) January 2007

PN25 attendance at stocktaking

The IAASB also issues international auditing
practice statements which provide practical assistance to auditors on
implementing the ISAs.

In addition the IAASB is also responsible for
issuing the international standards on quality control (ISQCs), ISQC 1 having
been adopted by the APB, and also the international framework for assurance
engagements (IFAE).