Proposed Revisions to ISA (UK) 250 Section A and ISA (UK) 250 Section B
Published: 18 October 2023
Response deadline: 12 January 2024
| Title | Invitation to Comment - Proposed Revisions to ISAs (UK) 250 A and B |
|---|---|
| Format | pdf, 668.6 KB |
The Financial Reporting Council (FRC) has launched a consultation to strengthen auditor requirements to detect and report material misstatements from non-compliance with laws and regulations and to clarify instances auditors should report such breaches, and other significant matters, to the relevant regulators.
This will enhance the useability and informativeness of the audit and provide greater assurance to users of financial statements that potential material misstatements have been properly assessed by the auditor.
The FRC is consulting on strengthening both ISA (UK) 250 Section A and ISA (UK) 250 Section B.
ISA (UK) 250 (Revised November 2019) Section A—Consideration of Laws and Regulations in an Audit of Financial Statements
Non-compliance with laws and regulations can result in potential fines, litigation or other consequences which could have a material effect on the audited entity. Auditors will be expected to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, arising from non-compliance with laws and regulations. The FRC acknowledges that auditor's responsibilities cannot be open-ended to the effect of identifying and determining compliance with all laws and regulations relating to the entity. To assist, a more robust risk assessment process will be introduced to help auditors identify those laws and regulations that have, or may potentially have, a material effect on the financial statements.
ISA (UK) 250 (Revised November 2019) Section B—The Auditor’s Statutory Right and Duty to Report to Regulators of Public Interest Entities and Regulators of Other Entities in the Financial Sector
The changes to ISA (UK) 250B build on existing UK laws whereby auditors of public interest entities are expected to comply with statutory duties to report to regulators if significant matters relevant to the regulator, such as breaches in law or regulation, come to the auditor’s attention. The FRC is proposing to introduce a more principles-based approach so that information that is of such significance is reported to regulators even where law, regulation or relevant ethical requirements do not require it.
For both standards, the FRC is proposing an effective date for audits of financial statements for periods beginning on or after 15 December 2024.
The FRC consultation closes on Friday 12 January 2024.
| Name | Proposed ISA (UK) 250 (Revised) Consideration of Laws and Regulations in an Audit of Financial Statements |
|---|---|
| Publication date | 18 October 2023 |
| Type | Consultation paper |
| Notes | Previously ISA (UK) 250 (Revised November 2019) Section A — Consideration of Laws and Regulations in an Audit of Financial Statements |
| Format | PDF, 2.1 MB |
| Name | Proposed ISA (UK) 2X0 (Revised) Special Considerations For Audits Of Public Interest Entities — Communicating And Reporting To An Appropriate Authority Outside The Entity |
| Publication date | 18 October 2023 |
| Type | Consultation paper |
| Notes | Previously International Standard On Auditing (UK) 250 (Revised November 2019) Section B — The Auditor’s Statutory Right And Duty To Report To Regulators Of Public Interest Entities And Regulators Of Other Entities In The Financial Sector |
| Format | PDF, 3.3 MB |
| Name | 001 Association of Chartered Certified Accountants Response to Proposed Revisions to ISA (UK) 250 |
|---|---|
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 181.1 KB |
| Name | 002 Astra Zeneca plc Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 182.2 KB |
| Name | 003 Audit Committee Chairs' Independent Forum Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 866.4 KB |
| Name | 004 Audit Scotland Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 93.1 KB |
| Name | 005 Audit Wales Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 125.7 KB |
| Name | 006 Chartered Accountants Ireland Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 439.9 KB |
| Name | 007 Deloitte LLP Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 271.0 KB |
| Name | 008 Ernst & Young LLP Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 17.8 MB |
| Name | 009 Grant Thornton UK LLP Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 308.6 KB |
| Name | 011 ICAEW Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 237.5 KB |
| Name | 012 Institute of Chartered Accountants of Scotland Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 212.8 KB |
| Name | 013 KPMG LLP Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 391.1 KB |
| Name | 014 Mazars LLP Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 214.7 KB |
| Name | 015 National Audit Office Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 202.8 KB |
| Name | 016 Northern Ireland Audit Office Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 111.2 KB |
| Name | 017 Office of the Scottish Charity Regulator Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 218.1 KB |
| Name | 018 Price Bailey LLP Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 733.3 KB |
| Name | 019 PriceWaterhouse Coopers LLP Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 203.8 KB |
| Name | 020 Public Audit Forum Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 116.9 KB |
| Name | 021 Quoted Companies Alliance Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 233.0 KB |
| Name | 022 Ralph Tiffin FCA Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 819.8 KB |
| Name | 023 RSM UK LLP Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 145.4 KB |
| Name | 024 Saffery Champness Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 200.9 KB |
| Name | 025 100 Group Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 92.2 KB |
| Name | 026 UK Shareholders Association Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 5 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 564.9 KB |
| Name | 027 Charity Commission for England Wales Response to Proposed Revisions to ISA (UK) 250 |
| Publication date | 6 February 2024 |
| Type | Response letter to FRC consultations |
| Format | PDF, 103.7 KB |