01/2019 Mercia Charities 15.0 and Pension Schemes 10.0

On 25th Jan we released an update to the Mercia Charities and the Pension Schemes workpaper packs.

The updates to these workpaper packs (Charities 15.0 and Pension Schemes 10.0) include:

  • Updates for the below revised auditing standards, which apply to audits of financial statements for periods commencing on or after 15 December 2017:
    • ISA (UK) 250 Section A – ‘Considerations of Laws and Regulations in an audit of Financial Statements’
    • ISA (UK) 330 ‘The Auditor’s Response to Assessed Risks’; and 
    • ISA (UK) 505 ‘External Confirmations’
  • On 25 June 2018, the Financial Reporting Council withdrew ‘Practice Note 26 – Guidance on Smaller Entity Documentation. References to the practice note have been deleted.
  • Updates to example ‘Terms of Business’ within the example letters section of the manual for Data Protection Act and Money Laundering Regulations
  • Updates to example Audit Reports for positioning of the Bannerman disclaimer paragraph.
  • Updates to money laundering forms and guidance to reflect provisions of the 2017 Money Laundering Regulations and CCAB Anti-money laundering guidance for the accountancy sector.

You should ensure that these changes are reflected in your audit files as required to comply with the Auditing Standards and other legislative requirements.

Please note that these workpaper packs should only be used for audits of financial statements with accounting periods commencing on or after 15 December 2017. For audits of financial periods commencing prior to this date, please use the Mercia Charities 14.0 or Pension Schemes 9.0 workpaper packs respectively.



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