FRC consults on strengthening both ISA (UK) 250 Section A and ISA (UK) 250 Section B.
20 Oct, 2023
The Financial Reporting Council (FRC) has launched a consultation to strengthen auditor requirements to detect and report material misstatements from non-compliance with laws and regulations and to clarify instances auditors should report such breaches, and other significant matters, to the relevant regulators.
The FRC is consulting on strengthening both ISA (UK) 250 Section A and ISA (UK) 250 Section B.
For both standards, the FRC is proposing an effective date for audits of financial statements for periods beginning on or after 15 December 2024.
Comments on the consultation are requested by 12 January 2024.
The press release and full consultation are available on the FRC website.
Update 15/11/2023 - The FRC will be holding a webinar and two virtual roundtables on its consultation. Further details are available on the FRC website.
