The Financial Reporting Council (FRC) has announced revisions to its suite of International Standards on Auditing (UK) [ISAs (UK)].  

The updated standards are a result of amendments to ISQM (UK) 1, ISQM (UK) 2, ISA (UK) 220, and ISA (UK) 600, which cover a range of quality control processes for firms conducting audits and reviews of financial statements, as well as other assurance and related services engagements. 

Following public consultations conducted in 2021 for ISQM (UK) 1, ISQM (UK) 2, and ISA (UK) 220, and in 2022 for ISA (UK) 600, the FRC Board has approved the changes.  

The amendments related to ISQM (UK) 1, ISQM (UK) 2, and ISA (UK) 220; and those related to ISA (UK) 600 have an effective date of 15 December 2022 and 2023, respectively. 

The FRC’s responsibility includes the creation and maintenance of auditing standards for public interest engagements within the UK.  

These standards provide a framework for auditors, detailing the objectives, requirements, and application guidance necessary to conduct reliable audits. 

The UK ISAs and the International Standard on Quality Control draw their foundation from the globally recognised ISAs and International Standard on Quality Control . 

These foundational standards are issued by the International Auditing and Assurance Standards Board and published by the International Federation of Accountants (IFAC).

The adoption and use of these standards in the UK are carried out with the explicit consent of IFAC. 

Recently, the FRC initiated the Innovation and Improvement Hub.  

This project seeks to create a collaborative space where market participants can work together on problem-solving.  

It consolidates existing FRC programmes, including the Audit Sandbox and Scalebox programmes, into a unified structure that offers regulatory support to stakeholders.