APB announces practice note revisions

News Article - 02 August 2007
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A second revision has been made to Practice Note 21 – The Audit of Investment Business in the United Kingdom in a bid to have the note finalised before the year is out.

The Auditing Practices Board (APB) recently announced the changes to the second consultation draft, the initial version of which was issued in 2000.

Amendments have been made to the note after the earlier draft was issued in March last year. The changes aim to reflect the Financial Services Authority's implementation of new rules and legal updates.

Richard Fleck, chairman of the APB, said: "There have been a number of recent changes in law and regulation relating to investment businesses which are reflected in this second revision of PN 21.

"It also includes new guidance on reporting controls over client assets."

Earlier this month, the board also issued the consultation draft for the second revision of Practice Note 16 – Bank Reports for Audit Purposes.

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