FRC consults on revisions to ISA (UK) 250 Section A

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17 Mar, 2017

The Financial Reporting Council (FRC) has published a consultation on revisions to ISA (UK) 250 Section A – ‘Consideration of Laws and Regulations in an audit of Financial Statements’.

The proposed revisions reflect recent revisions to the international standards on auditing issued by the International Auditing and Standards Board.  The revisions made to the IAASB resulted from a limited scope project, designed to ensure alignment between ISA 250 (and a small number of corresponding changes to other standards) and the revised Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA). 

As the ISA (UK) is being updated to reflect changes made at the international level, and the FRC is not proposing to add any additional UK requirements, the FRC has not identified any costs and/ or benefits attributable to the revisions proposed.  The FRC also confirms in the accompanying impact assessment that no additional work effort is expected to result from regulatory decisions taken by the FRC.

Comments on the consultation are requested by 26 May 2017. 

The press release, impact assessment and full consultation are available on the FRC website.

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