Revisions to ISA (UK) 250 Section A
07 Dec, 2017
The Financial Reporting Council (FRC) has issued a revision of ISA (UK) 250 Section A - 'Consideration of laws and regulations in an audit of financial statements' which includes a new Appendix that provides revised guidance on the auditor's responsibilities in respect of money laundering, terrorist financing and proceeds of crime legislation in the UK.
The appendix was revised following consultation with HM Treasury, HM Revenue and Customs and the National Crime Agency and supersedes the guidance included in Practice Note 12 Money Laundering - Guidance for Auditors on UK Legislation which is withdrawn.
By incorporating the guidance as an Appendix to ISA (UK) 250 (Revised December 2017), the FRC aims to better link the requirements on auditors set by UK Legislation with the audit itself. Additionally, the FRC aims to take advantage of new material in ISA (UK) 250 (Revised July 2017) which specifically refers to money laundering, terrorist financing and proceeds of crime laws and regulations.
The new ISA (UK) is effective for audits of financial statements for periods commencing on or after 15 December 2017.
The press release and revised ISA (UK) 250 are available n the FRC's website.
