Comments from ACCA to the Auditing Practices Board, 2010.
ACCA believes that this Practice Note is no longer necessary and should, therefore, be withdrawn rather than revised.
The main reasons for this are:
Should the Practice Note, nevertheless, be revised we suggest that it be restructured to align with clarified ISA 501, especially in terms of suggested procedures. This would ensure that further guidance was provided for all relevant requirements in ISA 501.