The FRC has withdrawn PN21 The Audit of investment business in the UK

The FRC has withdrawn Practice Note 21 – The Audit of Investment Businesses in the United Kingdom, which was issued in 2009.

Much of the Practice Note has been superseded by the issue of the FRC’s Client Asset Assurance Standard in 2015, and the remaining material was considered to be dated. As a result it is no longer appropriate to support high quality work and so it has been withdrawn with immediate effect.
 
The FRC will consider whether there are any issues covered by PN 21 that need to be incorporated within the forthcoming project to revise PN 19 – The Audit of Banks in the United Kingdom, which will be delivered in 2018.