This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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

  • FRC Image
  • Auditing Image

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.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.