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 revised ISA (UK) 315 and issues ISAE (UK) 3000

  • FRC Image
  • Auditing Image

14 Jul 2020

The Financial Reporting Council (FRC) has published a revised ISA (UK) 315 'Identifying and Assessing the Risks of Material Misstatement'. It has also issued International Standard on Assurance Engagements (ISAE) (UK) 3000 'Assurance Engagements Other Than Audits or Reviews of Historical Financial Information'.

ISA (UK) 315 (Revised-July 2020) adopts the revisions made to the underlying international standard issued by the International Auditing and Assurance Board (IAASB).Those revisions are designed to establish a more robust and consistent risk identification and assessment.

ISAE (UK) 3000 adopts the corresponding ISAE issued by the IAASB but has been modified to require that assurance practitioners applying it for engagements that the FRC has designated as "public interest assurance engagements" comply with the FRC's Ethical Standard.  Compliance with ISAE (UK) 3000 will be mandatory for such engagements which will ordinarily be particular engagements for which there is a requirement in law or regulation for an assurance report to be provided by an auditor or other assurance practitioner, or where a clear need has been identified to serve the public interest. Voluntary application to other assurance engagements is permitted.

Please click below for (all links to 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.