Comments from ACCA
September 2009
ACCA would like to welcome the draft IASB Practice Note 15. The guidance is quite comprehensive and will be of great use to auditors of such schemes.
Although we accept that it is not strictly an audit appointment, we would have liked to have seen some additional guidance on the ‘alternative arrangements' for reporting on small schemes that do not need an audit. These appointments may only be taken by persons qualified to be the auditor of the scheme, but are accountant's reports and there is one issue in particular that is unclear in respect of the accountant's report. It is unclear if the scope of their work encompasses just the financial statements or extends to contributions. The Pensions Board have been asked for an opinion on this but have to date been unable to answer the query.