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June 4, 2013

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 linksFinancial Reporting Council ISA 700

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