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<p>The Financial Reporting Council (FRC)’s Practice Notes contain auditing rather
than accounting guidance, so are not directly applicable to the preparation of the
FRC’s accounts.</p><p> </p><p>Practice Notes contain best practice guidance to help
auditors apply auditing standards in the context of particular kinds of engagement
(including public sector bodies, charities and banks). They do not contain additional
requirements to those in auditing standards (ISAs (UK)), Practice Note 10 provides
relevant context and application guidance for any audit engagement for a public sector
body, including the FRC.</p><p> </p><p>The audit of the FRC is carried out in accordance
with auditing and ethical standards used by all auditors in the UK.</p><p> </p><p>Practice
Note 10 provides guidance on regularity. Regularity is the concept that transactions
recorded in the financial statements of an audited business must be in accordance
with the relevant framework. These frameworks are specific to the audited business
and set out the requirements their transactions must comply with.</p><p> </p><p>The
FRC auditor is not required to give a separate opinion on regularity because the FRC
is required to prepare its accounts in accordance with Companies Act requirements
and uses FRS 102.</p>
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