The UK Financial Reporting Council (FRC) has released a staff guidance note (SGN) for auditors planning to adopt the revised International Standard on Auditing (ISA) (UK) 700 before it takes effect on 15 December 2026.
The FRC prepared the SGN to assist users of its Ethical Standard and ISA (UK).
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The guidance is intended to help practitioners make judgements when applying the standards.
In June 2026, the FRC issued the revised ISA (UK) 700 Forming an Opinion and Reporting on Financial Statements, following a consultation held last year.
The changes, alongside amendments to ISA (UK) 701 and ISA (UK) 720, are designed to make auditor reports simpler and less cluttered, while providing users with more useful information.
Since the revised standard was published, the FRC has held discussions with audit practices considering early adoption.
The companies sought guidance on how to simplify auditor reporting in line with the changes and address practical issues arising from early adoption.
In response, the FRC has issued the SGN to help auditors implement ISA (UK) 700 before its effective date in December.
The FRC noted that alongside the SGN, it has published an interim statement of auditor’s responsibilities on its website.
Last month, the FRC amended a UK auditing standard alongside a UK assurance standard to maintain alignment with international benchmarks set by the International Auditing and Assurance Standards Board.
The move involved targeted modifications to the core requirements and application material within both ISA (UK) 620 and ISAE (UK) 3000.
