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FRC updates audit of financial instruments guidance

The UK Financial Reporting Council (FRC) has updated its Practise Note 23, Special Considerations in Auditing Financial Instruments, to reflect the clarified International Standards on Auditing (ISAs).

The FRCs Practise Note 23 is based on the International Auditing and Assurance Standards Board (IAASB) Practise note, but with supplementary guidance on a number of sections, including independent price verification function, hedge accounting and materiality.

The guidance is applicable to all entities that may be subject to the risks associated with using financial instruments.

Nick Land, FRC board members and chairman of the Audit and Assurance Council, said "This new update is intended to assist auditors in understanding the nature of, and risks associated with, financial instruments, the different valuation techniques and types of controls that may be used by entities in relation to them, and identifies the important audit considerations."

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