Friendly societies’ audit guidance shake-up

Friendly societies' audit guidance shake-up

Guidance on the audit of friendly societies has been given a wash and brush up by the Auditing Practices Board

GUIDANCE ON THE AUDIT of friendly societies has been reviewed by the Financial Reporting Council’s Auditing Practices Board.

Following a consultation earlier this year, Practice Note 24 reflects legislative and regulatory changes, as well provisions of the clarified International Standards on Auditing. Further guidance is offered on issues like materiality and the auditing of accounting estimates.

Friendly societies provide alternative financial services including pensions, savings and insurance, with UK funds collectively holding more than £16bn on behalf of 7.1 million individuals.

Chairman Richard Fleck (pictured) said: “The APB is aware that significant changes to the legal and regulatory environment governing insurers will be taking place over the next few years, including in particular, the implementation of Solvency II. The APB will be monitoring the effect of these developments on the guidance in the practice note.”

Related Articles

FRC shout for independence, viability and higher quality in the UK audit market

Audit FRC shout for independence, viability and higher quality in the UK audit market

2w Lucy Skoulding, Reporter
Fined by FRC: Grant Thornton next in the firing line

Audit Fined by FRC: Grant Thornton next in the firing line

2m Emanuela Hawker, Reporter
FRC competence review leaves watchdog on tenterhooks

Audit FRC competence review leaves watchdog on tenterhooks

2m Lucy Skoulding, Reporter
KPMG fined and reprimanded over Ted Baker audits

Audit KPMG fined and reprimanded over Ted Baker audits

2m Lucy Skoulding, Reporter
FRC data on Big Four audits may highlight need for industry overhaul

Audit FRC data on Big Four audits may highlight need for industry overhaul

2m Lucy Skoulding, Reporter
FRC finds audit failures in UK pension scheme reporting

Audit FRC finds audit failures in UK pension scheme reporting

3m Lucy Skoulding, Reporter
FRC fines reach record high after 24% increase this year

Audit FRC fines reach record high after 24% increase this year

3m Alia Shoaib, Reporter
New FRC Corporate Governance Code focuses on culture and diversity

Audit New FRC Corporate Governance Code focuses on culture and diversity

3m Lucy Skoulding, Reporter