UK: the audit of friendly societies - draft Practice Note issued by APB

The Auditing Practices Board has published for consultation a draft of Practice Note 24 (Revised) - 'The Audit of Friendly Societies in the United Kingdom': see here (pdf). According to the APB - see here - the core guidance in the draft remains largely unchanged but there is new, enhanced or revised guidance regarding auditing accounting estimates, materiality, evaluation of misstatements identified during the audit, illustrative examples of various regulatory auditor's reports and corporate governance.