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Auditing

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

Auditing standards

Since 2005 the FRC (and its former operating body the Auditing Practices Board (APB)) 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)) and International Standard on Quality Control (UK) (ISQC (UK)) are based on the International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) 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:

    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.