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The Financial Reporting Council (FRC) is the standard-setter for auditing and ethical standards applicable to UK auditors.

Auditing standards

Since 2005 the FRC has adopted International Standards on Auditing (ISAs) as issued by the International Auditing and Assurance Standards Board (IAASB).  The International Standards on Auditing (UK) (ISAs (UK)), International Standard on Quality Control (UK) (ISQC (UK)) and International Standards on Quality Management (UK) (ISQMs (UK)) are based on the standards of the same titles that have been issued by the International Auditing and Assurance Standards Board (IAASB). Certain modifications are made for example to include additional requirements and application material, where necessary, to deal with the requirements of UK law and regulation.

The FRC also issues additional materials:

  • Practice notes and Bulletins which provide guidance in applying ISAs (UK) – for example material on applying standards in regulated industries and example audit reports; and
  • Other standards and guidance, such as for assurance engagements other than audits or reviews of historical financial information, interim financial statements and reports required in prospectuses, circulars and listing particulars.


Ethical standards

The standards for professional ethics for UK accountants are set by:

  • The FRC in respect of auditor independence.  The Revised Ethical Standard 2019 became effective on 15 March 2020.
  • The relevant professional body in all other areas, including standards for professional accountants in business and areas (other than independence) for accountants in practice including professional appointment, conflicts of interest, fees, agencies and referrals, marketing, gifts and hospitality, custody of client assets, objectivity and independence for engagements other than statutory audits. For example, see the ICAEW Code of Ethics. All of the professional bodies’ codes are based on the IESBA Code.


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.