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

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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.

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