Practice Note 19 on the audit of banks was revised by the Financial Reporting Council (FRC) on 3 July 2019.
The main changes reflect changes to auditing standard ISA 540 on accounting estimates and disclosures.
In particular, the revised guidance clarifies the audit of estimates for expected credit losses (ECL), hedge accounting and effective interest rate accounting.
The new Note is effective from 15 December 2019.
The Practice Note can be downloaded from here. [19.07]