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FRC issues revisions to ISA (UK) 250 Section A, ISA (UK) 330 and ISA (UK) 505

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14 Jul 2017

The Financial Reporting Council (FRC) has today issued a revision of ISA (UK) 250 Section A – ‘Consideration of Laws and Regulations in an audit of Financial Statements’, ISA (UK) 330 ‘The Auditor’s Response to Assessed Risks’ and ISA (UK) 505 ‘External Confirmations’.

The revisions to ISA (UK) 250 Section A, which were consulted on in March 2017, reflect changes made to the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA).  The International Auditing and Standards Board (IAASB) made revisions to ISA 250 to align with the requirements of the revised Code.

The revisions to ISA (UK) 330 and ISA (UK) 505 were consulted on in April 2017. As a result of these revisions the FRC has withdrawn Practice Note 16 – Bank Reports for Audit Purposes in the United Kingdom

The revised standards are effective for audits of financial statements for periods commencing on or after 15 December 2017.

The press release and revised standards are available on the FRC website.

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