The Financial Reporting Council (FRC)\u2019s Practice Notes contain auditing rather than accounting guidance, so are not directly applicable to the preparation of the FRC\u2019s accounts.<\/p>
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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>
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The audit of the FRC is carried out in accordance with auditing and ethical standards used by all auditors in the UK.<\/p>
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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>
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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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/2616", "label" : {"_value" : "Biography information for Lord Henley"} } , "answeringMemberPrinted" : {"_value" : "Lord Henley"} , "dateOfAnswer" : {"_value" : "2018-11-22", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-11-22T16:32:45.523Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "201"} , "answeringDeptShortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "answeringDeptSortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "date" : {"_value" : "2018-11-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Reporting Council: Audit"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government whether the Financial Reporting Council (FRC)\u2019s Practice Note 10 Audit of financial statements of public sector bodies in the UK as applicable to public bodies should have been applied to the FRC's accounts for the year ended 31 March, given that the FRC was itself a public body for all that period.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4562", "label" : {"_value" : "Biography information for Baroness Bowles of Berkhamsted"} } , "tablingMemberPrinted" : [{"_value" : "Baroness Bowles of Berkhamsted"} ], "uin" : "HL11370"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }