• Register
Return to: Home > News > Standards > UK FRC revises ISA 700

UK FRC revises ISA 700


by Daniel Milroy Maher

The UK Financial Reporting Council (FRC) has issued revisions to ISA 700: 'The Independent Auditor's Report on Financial statements'.

The amendments made to ISA 700 are intended to increase the transparency of auditor's work and enhance communication to benefit investors.

Auditors are now required to provide more detail concerning their reports, including risks that affected audit strategy, allocation of resources and management of the engagement team.

"The improved report will be a better basis for engagement by investors with companies, and we encourage auditors and companies to work together to develop succinct communication to do so," said FRC's Audit and Assurance Council chairman Nick Land.

The revised standard is effective for audits of UK and Ireland entities for periods commencing on or after 1 October 2012.

Related links
Financial Reporting Council
ISA 700

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.