The Auditing Practices Board (APB) has published a revision of Practice Note (PN) 19(I): 'The Audit of Banks in the Republic of Ireland'. The revised Practice Note was issued as a draft for public consultation in November 2007.

Richard Fleck, APB Chairman, said:

“Although there have been a number of legislative and regulatory changes for banks in the Republic of Ireland since PN 19 (I) was first issued in 2002, the substance of the guidance in the Practice Note has not needed major revision. I hope that auditors of Irish banks will find this revised Practice Note useful”.

Copies of the revised PN may be downloaded from the Publications (Practice Notes) section of this website. Hard copy booklets may be obtained (price 14 Euros each post-free) from FRC Publications, 145 London Road, Kingston upon Thames, Surrey KT2 6SR. Telephone: 020 8247 1264. Email: customer.services@cch.co.uk  Website: www.frcpublications.com  

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. It’s functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The APB is committed to leading the development of auditing practice in the United Kingdom and the Republic of Ireland so as to:
   • establish high standards of auditing;
   • meet the developing needs of users of financial information; and
   • ensure public confidence in the auditing process.
3. The APB issues Practice Notes to assist auditors in applying auditing standards of general application to particular circumstances and industries. Practice Notes are persuasive rather than prescriptive. However, they are indicative of good practice even though they may be developed without the full process of consultation and exposure used for auditing standards.
4. The revised Practice Note has been prepared with advice and assistance from staff of the Irish Financial Regulator. The Practice Note replaces the existing PN 19(I).
5. All press enquiries should be directed to Jon Grant, APB Executive Director, on Telephone: 020 7492 2410.