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The Financial reporting Council (FRC) yesterday issued a revision of Practice Note 15: The audit of occupational pension schemes in the United Kingdom.

Practice Notes are intended to assist practitioners to comply with the requirements of UK auditing standards, by providing additional contextual material on the application of those standards in particular circumstances or in specialised sectors.

The revisions to Practice Note 15 reflect:

• Revisions to UK auditing standards (ISAs (UK));
• Changes to UK accounting standards (FRS 102) and the revision of the pension SORP;
• Continuing developments in regulatory codes and guidance issued by The Pensions Regulator (TPR);
• Changes in relevant legislation; and
• The increase in master trusts in the pension sector.

An exposure draft of proposed changes was issued in April 2017. The final revised Practice Note reflects the actions that the FRC determined should be taken, having considered the responses received.

Feedback Statement and Impact Assessment: Revision of Practice Note 15: The audit of occupational pension schemes in the United Kingdom

Withdrawal of Practice Note 22

The FRC is withdrawing Practice Note 22 – ‘The auditor’s consideration of FRS 17 ‘Retirement Benefits’ - Defined benefit schemes’. This Practice Note was issued in 2002 and the guidance in it has been superseded by the UK auditing standards issued since then.