APB issues interim guidance on bank confirmations. By Dan Martin
The Audit Practices Board (APB), part of the Financial Reporting Council (FRC), has published an interim revision of 'Practice Note (PN) 16: Bank reports for audit purposes'.
PN 16 was originally issued in 1998. In October 2005 the APB issued as a consultation draft a proposed revision of PN 16 which reflected discussions between the audit profession and the British Bankers' Association (BBA).