The Auditing Practices Board (APB) has updated Practice Note 26 which provides guidance and illustrative examples on how the documentation requirements contained within ISAs (UK and Ireland) can be applied to smaller entity audits.
Following a consultation launched earlier in 2009, Practice Note 26 ‘Guidance on Smaller Entity Audit Documentation’ has been revised to reflect the requirements of the Clarified auditing standards which will be applicable for accounting periods ending on or after 15 December 2010.
The updates made to Practice Notes 26 leave the overall structure of the guidance and the special considerations about the documentation of a smaller entity audit largely unchanged from the previous version. The illustrative examples have been updated for references to the new Clarified standards and new examples have been included where deemed necessary to reflect the changes in the ISAs (UK and Ireland) that impact on audit documentation.
The main changes affecting audit documentation are included in
The new examples which have been included in Practice Note 26 to reflect the documentation requirements of the ISAs listed above are: