FRC publishes compendium of Audit and Assurance Standards and Guidance 2014

News types: Generic Announcement, Publications

Published: 1 April 2014

The FRC has published its compendium of “Audit and Assurance Standards and Guidance 2014”. This may be obtained (price £60.00) from www.frcpublications.com.


The compendium includes the FRC’s audit and assurance standards in issue at 1 February 2014, including:

  • International Standards on Auditing (ISAs) (UK and Ireland);
  • International Standard on Quality Control (ISQC) (UK and Ireland) 1;
  • International Standard on Review Engagements (ISRE) (UK and Ireland) 2410;
  • Standards for Investment Reporting (SIRs);
  • Ethical Standards for Auditors;
  • Ethical Standard for Reporting Accountants.

It also includes selected Practice Notes and Bulletins likely to be of broad current interest. 

The compendium includes the revised International Standards on Auditing (ISAs) (UK and Ireland) that were issued in 2013:

  • 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment
  • 610 Using the Work of Internal Auditors
  • 700 The Independent Auditor’s Report on Financial Statements

The compendium also includes the revised Practice Note 23, Special Considerations in Auditing Financial Instruments, which was issued in July 2013.

The revised ISAs (UK and Ireland) 315 and 610 are effective for audits of financial statements for periods ending on or after 15 June 2014. The conforming changes to other ISAs (UK and Ireland) and ISQC (UK and Ireland) 1, which are set out in the Annexure to the revised ISA (UK and Ireland) 610, have been incorporated in those individual standards in this compendium. The definition of ‘audit team’ in the Glossary of Terms has also been updated to reflect the prohibition on obtaining direct assistance from internal auditors.
 
The revised ISA (UK and Ireland) 700 is effective for periods commencing on or after 1 October 2012. The Statement issued by the FRC in November 2013 that clarifies the application of paragraph 19A to auditor’s reports for group and parent company is also included.
 
The previous versions of the standards are available from the Publications section.

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