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 issues consultation on revisions to ISA (UK) 315

  • FRC Image
  • Auditing Image

29 Jan 2020

The Financial Reporting Council (FRC) has launched a consultation proposing to revise ISA (UK) 315 (Revised – June 2016) - Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment.

The FRC’s proposed changes reflect revisions to the international standards on auditing issued by the International Auditing and Assurance Standards Board (IAASB).  Those revisions are designed to establish a more robust and consistent risk identification and assessment.

The FRC is proposing to update the ISA (UK) to reflect all of the changes made by the IAASB without any new UK requirements.

When finalised, the revised UK standard is proposed to be effective, in line with the international standard, for audits of financial statements for periods beginning on or after 15 December 2021. Early adoption of the revised standard will be permitted and is encouraged.

The FRC is at the same time consulting on conforming amendments to other UK standards.

The consultation runs until 4 April 2020.

A press release and the consultation are available on the FRC website.

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.