HFMA response / HFMA response to the consultation on Practice Note 10 (revised 2022)

The HFMA has responded to the Public Audit Forum’s invitation to comment on Practice Note 10: audit of financial statements and regularity of public sector bodies in the United Kingdom (revised 2022). 

Practice Note 10 (PN10) sets out how auditors of public sector bodies in England, Scotland, Northern Ireland and Wales apply auditing standards to their work on financial statements. The aim of the Practice Note is to support consistency in the application of auditing standards while also recognising the specific legislative and regulatory frameworks that apply to the audits of public sector bodies. PN 10 also provides guidance on the approach to the audit of regularity.

The response has been drafted by members of HFMA’s Governance and Audit Committee and Accounting and Standards Committee. It is submitted from the HFMA in its capacity as a representative organisation.