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This morning at mgpc we sang the hymn ‘According to your (thy) gracious word’ as a communion song. The tune which we used is called ‘Ballerma’ and it is also popularly used as a tune for the hymn ‘Approach my soul the mercy seat’.
‘Approach my soul…’ was written by John Newton, author of ‘Amazing grace’. My Banner of Truth edition of Newton’s Works has it on page 583 of Volume 3, which volume contains the whole Olney Hymnal. The hymn itself is found in book 3 of the hymnal, a section titled ‘On the rise, progress, changes and comforts of the spiritual life’, in a sub-section dealing with ‘Seeking, pleading, hoping.’
If you only consider the first few lines the hymn might seem to be about prayer, but a wholistic reading demonstrates it to be a thoughtful confession of confident acceptance by God because of the work of the Lord Jesus Christ. As such it would serve as corporate song of confession.
Interestingly it was an alternate version to another hymn of similar theme, but with a different metre. Here is the first version:

The effort.
1
Cheer up, my soul, there is a mercy–seat
Sprinkled with blood, where JESUS answers prayer;
There humbly cast thyself, beneath his feet,
For never needy sinner perished there.
2.
Lord, I am come! thy promise is my plea,
Without thy word I durst not venture nigh;
But thou hast called the burdened soul to thee,
A weary burdened soul, O Lord, am I!
3.
Bowed down beneath a heavy load of sin,
By Satan’s fierce temptations sorely pressed,
Beset without, and full of fears within,
Trembling and faint I come to thee for rest.
4.
Be thou my refuge, Lord, my hiding–place,
I know no force can tear me from thy side;
Unmoved I then may all accusers face,
And answer every charge, with, “JESUS died.”
5.
Yes, thou didst weep, and bleed, and groan, and die,
Well hast thou known what fierce temptations mean;.
Such was thy love, and now, enthroned on high,
The same compassions in thy bosom reign.
6.
Lord give me faith—he hears—what grace is this!
Dry up thy tears, my soul, and cease to grieve:
He shows me what he did, and who he is,
I must, I will, I can, I do believe.

Here are the lyrics which are used in the Rejoice! hymnbook of the Presbyterian Church of Australia. The Olney hymnal lyrics can be found at cyberhymnal.

1.
Approach, my soul, the mercy-seat,
where Jesus answers prayer.
There humbly fall before His feet,
for none can perish there.
2.
Your promise is my only plea,
with this I venture nigh:
You call all burdened souls to You,
and such, O Lord, am I.
3.
Bowed down beneath a load of sin,
by Satan sorely pressed;
by war without and fears within,
I come to You for rest.
4.
Lord, be my Shield and Hiding-place,
that, sheltered near Your side;
I may my fierce accuser face,
and tell him You have died.
5.
O wondrous love! To bleed and die,
to bear the cross and shame,
that guilty sinners, such as I,
might plead Your gracious Name!

Hymns from the Rejoice! Hymn Book, Presbyterian Church of Australia

This is a very harmonious folk/country rendition of the hymn from YouTube.

As a bonus here’s the lyrics to James Montgomery’s ‘According to your gracious word’:

1.
According to Your gracious Word,
Your Word forever true,
this will I do, my dying Lord:
I will remember You.
2.
Your body, broken for my sake,
shall be my bread from heaven.
Your testamental cup I’ll take,
Your blood so freely given.
3.
Gethsemane can I forget,
or see Your conflict there,
Your suffering and out-pourèd blood,
and agonising prayer?
4.
When to the cross I turn my eyes,
and gaze on Calvary,
O Lamb of God, my sacrifice,
refresh my memory.
5.
Rememb’ring You, and all Your pains,
Your dying love I view;
yes, while a breath, a pulse remains,
I will remember You.
6.
And when these mortal lips are still,
and mind and memory flee,
when You shall in Your Kingdom come,
Jesus, remember me.

Hymns from the Rejoice! Hymn Book, Presbyterian Church of Australia